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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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Examples of barriers to entry include Group of answer choices Price taking. Patents. None of the Answers are Correct. Standardiz
Genrish500 [490]

Examples of barriers to entry include Patents.

<h3>What Are Barriers to Entry? </h3>

A term used in economics and business to describe variables that can deter or make it difficult for newcomers to enter a market or industry sector and so limit competition is "barriers to entry." These might include prohibitive startup fees, bureaucratic roadblocks, or other barriers that make it difficult for new rivals to enter a market. Existing businesses win from entrance barriers because they preserve their market share and capacity to make money.

There are four main types of barriers to entry:

  • legal (patents/licenses),
  • technical (high start-up costs/monopoly/technical knowledge),
  • strategic (predatory pricing/first mover),
  • brand loyalty.

Most people think of patents as temporary entry barriers put in place by the government. Patent protection, however, typically restricts access rather than blocking it. A business may enter a market that is protected as long as its product complies with a minimum standard of novelty and does not violate any active patents.

To know more about barriers to entry refer to:  brainly.com/question/12589254

#SPJ4

8 0
2 years ago
John Smith, a U.S. based businessman paid the equivalent of $20 to an official of the country of Murundi to expedite the overnig
AleksandrR [38]

Answer:

Grease payment

Explanation:

A grease payment is a payment made to a government official with the goal of expediting a transaction, process or request. It can be obtained through extortion from the government official, by voluntary contribution from the non-goverment official, or by mutual agreement, either explicit, or implicit.

In practice, it is essentially the same as a bribe, and the term could be considered a colloquial euphemism.

3 0
3 years ago
Explain what unearned revenues are by selecting the statements below which are correct. (Check all that apply.) Multiple select
olga nikolaevna [1]

Answer:

They are reported on a balance sheet.

They refer to cash received in advance of performing a service or product. They are a liability.

They are also called deferred revenues.

Explanation:

Unearned revenue is a term in which the transactions that are related to the receiving of money could be considered for the service or product to be provided or delivered. It is as a prepayment

Also it is a liability account that should be recorded at the balance sheet. It is also known as deferred revenues

8 0
3 years ago
society that lives a nomadic Life and relies on domesticated animals A. pastoral society B. organic solidarity C. Agricultural D
marta [7]

Answer: Pastoral society

Explanation:

A pastoral society is a social community made up largely of nomads whose major activities are centered around animal breeding and herding.

The major product for sale in a pastoral society is livestock, such as: cattles, goats, sheep, horses, camel etc.

5 0
3 years ago
your boss has asked you to deliver a project sooner than expected. An appropriate response would be:
madam [21]
I will get it done asap sir (that's what i would say) hope it helps and have a great day!
8 0
3 years ago
Read 2 more answers
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