Presented below is information related to Sheridan Company: Common Stock, $1 par $3470000 Paid-in Capital in Excess of Par―Common Stock 553000 Preferred 8 1/2% Stock, $50 par 2060000 Paid-in Capital in Excess of Par―Preferred Stock 410000 Retained Earnings 1400000 Treasury Common Stock (at cost) 160000 The total paid-in capital (cash collected) related to the common stock is

a. $3470000.
b. $4023000.
c. $3880000.
d. $5410000.

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a. what is the firm’s labor demand function? b. if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c. now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]

Which of the following is an example of a production quota? a. the government sets an upper limit on the quantity that each dairy farmer can produce. b. the government sets a price floor in the market for dairy products. c. the government sets a lower limit on the quantity that each dairy farmer can produce. d. the government guarantees to buy a specified quantity of dairy products from farmers.

Increases in output and increases in the inflation rate have been linked to