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Pani-rosa [81]
2 years ago
11

Assume that labor and capital are the only two inputs a perfectly competitive firm uses to produce wheat. The firm hires its inp

uts in perfectly competitive input markets. The unit price of labor is $8 and of capital is $20. When the firm employs the profit-maximizing combination of these two inputs, the marginal product of labor is 2 tons of wheat and of capital is 5 tons of wheat. The price of wheat per ton must be
Business
1 answer:
noname [10]2 years ago
5 0

The price of wheat per ton must be $4 when profit-maximizing combination is employed.

<h3>What is Price?</h3>

This is defined as the amount of money that has to be paid to acquire a given product.

To get the price per ton for the company to make profit, we find the ratio of the unit price of labor to the marginal product of labor.

$8 / $2 = $4.

Read more about Price here brainly.com/question/24877850

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If the demand curve for a life-saving medicine is perfectly inelastic, then a reduction in supply will cause the equilibrium pri
never [62]

Answer:

If the demand curve for a life-saving medicine is perfectly inelastic, then a reduction in supply will cause the equilibrium price to <u>rise and the equilibrium quantity to stay the same</u>.

Explanation:

Perfectly inelastic demand curve indicates the quantity demanded for the life-saving medicine remains the same or does not change in response to a change in price.

Since a part of the law of supply states that the lower the quantity supplied, the higher the price; a reduction in the supply of the life-saving medicine will increase its price.

The combining effect of the two above will lead to an increase in the equilibrium price while the equilibrium quantity will remain the same as it will not respond to the change in price.

The attached graph explains this more clearly. In the graph, the demand curve DD is used to represent the perfectly inelastic demand curve for the life-saving medicine. Therefore, the quantity remains at q no matter the changes, either increase or decrease, in price. Movement from the supply curve S1 to S2 indicates a reduction in supply of the life-saving medicine which causes an increase in the equilibrium price from Po to P1 while the equilibrium quantity stays at q.

This therefore shows that if the demand curve for a life-saving medicine is perfectly inelastic, then a reduction in supply will cause the equilibrium price to <u>rise and the equilibrium quantity to stay the same</u>.

8 0
3 years ago
Ivers Co. holds $30,000 of available-for-sale securities. Ivers intends to hold these securities for three years. Ivers should r
bekas [8.4K]

Answer:

long term assets

Explanation:

hope this helps :)

4 0
3 years ago
Smith &amp; Sons obtained a patent for a new optical scanning device. The fees incurred to file for the patent and to defend the
Tatiana [17]

Answer:

$3,750                            

Explanation:

Cost of patent             $45,000

Useful Life                       12

Amortization Expense for 2nd year =$3,750 (45,000/12)

Amortization Expense-Patent  Dr.$3,750

Accumulated Amortization-Patent  Cr.$3,750

4 0
2 years ago
Wally is trying to determine how many salespeople he needs to satisfy the demand for waterslides. Wally's Waterslide World has 6
bagirrra123 [75]

Answer:

50

Explanation:

Calculation to determine How many Number of Salespeople does Wally need to adequately sell waterslides

Using this formula

Number of Salespeople=(Number of customers*Calls necessary*Hours per call)/Average selling time available per year

Let plug in the formula

Number of Salespeople= (6000* 5 * 1.5 hours per call) / 900 hours

Number of Salespeople= 45,000 / 900

Number of Salespeople=50

Therefore Number of Salespeople that Wally need to adequately sell waterslides is ,50

6 0
2 years ago
Which of the following is most likely to occur as you add randomly selected stocks to your portfolio, which currently consists o
jarptica [38.1K]

Answer: b. The diversifiable risk of your portfolio will likely decline, but the expected market risk should not change.

Explanation:

Diversifiable risk is a risk that a particular security has or which can be seen in a certain sector. Market risk occurs when there's possibility that a particular investor will make loss due to certain factors which affects the entire market.

In the above scenario, the most likely to occur will be that the diversifiable risk of the portfolio will likely decline, but the expected market risk should not change.

It should be noted that diversification won't eliminate market risk. When more stocks are added, this brings about decline in diversification risk but market risk won't change.

5 0
3 years ago
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