Answer:
2 hours of labor
Explanation:
Labor is hired up to a point where the marginal product of labor * Price of the output = wage of the worker.
Thus, 35 * 10 = 350.
35 widgets are produced using 2 hours of labor.
<span>Applicants describe how they handled specific problems and situations in previous jobs in a(n) behavioral structured interview.</span>
As an Oligopoly firm produces at a higher output, economies of scale allow the costs per unit (ATC) to <u>decline</u> significantly.
When firms in an oligopoly market individually chooses production in order to maximize profit, a quantity of output is produced by them which is higher than the level produced by monopoly and lesser than the level produced by competition.
The existence of economies of scale in certain industries can lead to oligopolistic market structures in those industries. This oligopoly market structure refers to a market form in which there are only a few sellers and they sell similar products.
The Oligopoly firm produces at a higher output, and so the costs per unit here decline significantly. Oligopoly firms are also able to take advantage of economies of scale that reduce production costs and prices.
Thus, when the oligopoly firm produces at a higher output, economies of scale allow the costs per unit (ATC) to decline significantly.
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The total projected misstatement of the firm is $92225 and it can be concluded that projected misstatement is more than the expected misstatement.
<h3>How to calculate the projected misstatement?</h3>
The total projected misstatement will be calculated thus:
= $3500 + ($15250/$910000 × 3000000) + (1550/70000 × 1750000
= $3500 + $50275 + $38750
= $92225
The projected misstatement is more than the expected misstatement. Therefore, there is an unacceptable risk that the true misstatement is more than the tolerable misstatement.
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