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1 year ago

An employer hiring in a competitve labor market should hire additional labor as lnog as?

1 answer:

4 0

An employer hiring in a competitive labor market should hire additional labor as long as the marginal revenue product (MRP) exceeds the wage rate.

Marginal revenue product (MRP), also called the marginal fee product, is the marginal sales created due to an addition of 1 unit of resource. The marginal sales product is calculated via multiplying the marginal physical product (MPP) of the useful resource through the marginal sales (MR) generated.

How do you calculate marginal revenue product made from labor?

The marginal revenue product fabricated from a worker is equal to the fabricated from the marginal fabricated from exertions (MPL) and the marginal revenue (MR) of output, given with the aid of MR×MPL = MRPL.

Why is marginal revenue product vital?

Marginal revenue product (MRP) explains the additional revenue generated by means of adding an additional unit of manufacturing resource. it's miles an important idea for determining the demand for inputs of production and analyzing the most advantageous amount of a useful resource.

Learn more about marginal revenue product here:-brainly.com/question/13444663

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If the price elasticity of supply is 0.5 and the quantity supplied decreases by 6%, then the price must have decreased by 3%. a.

PolarNik [594]

Answer: False

Explanation:

The price elasticity of supply measures the change in quantity supplied when the price changes.

The basic trend is that when price increases, quantity supplied increases as well. The reverse is true.

Price elasticity of supply = %Change in quantity supplied / % change in price

0.5 = -6% / Change in price

0.5 * Change in price = -6%

Change in price = -6% / 0.5

= -12%

The statement above is therefore false because price should have reduced by 12% for quantity supplied to reduce by 6%

3 0

2 years ago

Fischer Company has outstanding 8,000 shares of $100 par value, 5% preferred stock, and 50,000 shares of $1 par value common sto

nikklg [1K]

Answer:

The appropriate solution is "$130,000".

Explanation:

The given values are:

No. of common shares outstanding

= 50,000

Dividend per share

= $1.80

No. of preferred shares outstanding

= 8,000

Dividend per share

= $5

Now,

The total dividend on common shares will be:

= $No. \ of \ common \ shared \ outstanding\times Dividend \ per \ share$

On substituting the values, we get

= $50,000\times 1.80$

= $90,000$ ($)

The total dividend on preferred stock will be:

= $No. \ of \ preferred \ shares \ outstanding\times Divided \ per \ share$

On substituting the values, we get

= $8,000\times 5$

= $40,000$ ($)

Hence,

The total dividend paid by company will be:

= $Total \ dividend \ on \ common \ shares +Total \ dividend \ on \ preferred \ stock$

= $90,000+40,000$

= $130,000$ ($)

Thus the above is the correct answer.

4 0

2 years ago

Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs

alekssr [168]

Answer:

As overhead was underapplied, the balance in overhead will be $33,000 credit.

Explanation:

First, we need to calculate the predetermined overhead rate:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 452,000 / 2,260,000

Predetermined manufacturing overhead rate= $0.2 per direct labor dollar

Now, we can allocate costs:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 0.2*1,930,000

Allocated MOH= $386,000

Finally, we determine the over/under allocation:

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead= 419,000 - 386,000

Underapplied overhead= $33,000

As overhead was underapplied, the balance in overhead will be $33,000 credit.

8 0

2 years ago

g In the theory of comparative advantage, a good should be produced in that nation where Multiple Choice the production possibil

Lady_Fox [76]

Answer:

its cost is least in terms of alternative goods that might otherwise be produced

Explanation:

Comparative Advantage

This is simply explained as when an individual has an opportunity cost of performing a task is lower than the other individuals opportunity cost that is it is more efficient. It is the usual fundamental basis for international trade. Its principle includes production at a maximum peak to be achieved if each individual focus on the job or activities for which his or her opportunity cost is lowest.

Opportunity Cost

This is simply known as the highest valued of an alternative that must be given up so as to be involved or engage in an activity/job or task. There are several sources of a comparative advantage. They includes;

1. Climate and natural resources

2. Relative abundance of labor and capital

3. Technology

4. External economies etc.

3 0

3 years ago

At mcdonald's, workers are expected to use a "six steps" process when interacting with customers. these steps can become monoton

kodGreya [7K]

With the six steps process that is expected for the workers to do with interacting the customers, it could make the workers feel things that would cause negative response such as seen above, like having frustrations and gain no control for the job that is being done is monotonous. Because of it, it would likely lead the workers to feel alienated or alienation, this makes a person feel isolated or lonely that would make them feel that they don’t belong with the job that they are taking on.

8 0

3 years ago