Answer: $24
Explanation:
Given the following :
Total product for first worker hired = 24
Total product when two workers are hired = 32
Product price = $3 per unit
The marginal revenue product of a worker is equal to the product of the marginal product of labor (MPL) and the marginal revenue (MR) of output.
Marginal revenue product of second worker:
The marginal product of labor :
Change in output when additional labor is added
Therefore, change in product when worker increases from one to two workers ;
32 - 24 = 8 products
Marginal product of labor * product price
8 * $3 = $24
Answer:
The standard deviation of the portfolio is 0.1104, or 11.04%.
Explanation:
Note: See the attached file for how the standard deviation is calculated.
Answer: Takeoff stage
Explanation: In Rostow's five-stage model of economic growth states various factors of the required economic condition necessary for that country to develop. One such stage is the takeoff stage. i.e.
Take-off stage states
(a)In this particular period Urbanization will increases.
(b)Industrialization proceeds as technological progress will take place.
(c) Secondary sector expands .
It should be also duly noted that during this stage,Textiles and apparel are usually the first "take-off" industry .
<u><em>Hence, a country where the manufacturing of both semi durable and non durable consumer goods has just begun. Also, the goods demanded relate to equipment and supplies to support manufacturing has reached the takeoff stage in Rostow's five stage model of economic growth.</em></u>
Answer:
The opportunity costs of letting your colleague to extend the loan for another month are:
- invest in oil-well venture = $5,100 x 28% = $1,428
- invest in new IT stock = $5,100 x 45% = $2,295
Your total opportunity cost depends on what you actually decide to do with the money, if you invest all of it on the oil-well venture it is $1,428, or all of it in the new IT stock it is $2,295, but if you invest 50/50 on each, then the opportunity cost would be $1,861.50, or any other possible combination.
Opportunity costs are the extra costs or benefits lost from choosing one investment or activity over another alternative.
