1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Romashka [77]
2 years ago
14

Mary Jane is a lawyer who can earn $150 per hour in her law practice. She is also an excellent carpenter who can build cabinets

three times as fast as the best carpenter, whose hourly wage is $20 per hour. Which of the following is a correct economic statement?a. Mary Jane has a comparative advantage in law so she should specialize in law and hire a carpenter to make her cabinets.b. Mary Jane has an absolute and comparative advantage in both law and carpentry, so she should make her own cabinets while continuing to practice law.c. Mary Jane is three times faster than any carpenter so she should give her law practice to become a carpenter.d. When carpenters work for lawyers, they should charge $150 per hour instead of $20 per hour.e. Because Mary Jane is an excellent carpenter, when the best carpenter works for Mary Jane, he can only charge one third as much, or $6.67 per hour.
Business
1 answer:
yaroslaw [1]2 years ago
5 0

Answer:

The answer is: A) Mary Jane has a comparative advantage in law so she should specialize in law and hire a carpenter to make her cabinets.

Explanation:

Mary Jane has a comparative advantage by working as a lawyer over working as a carpenter. As a lawyer she can earn $150 an hour.

Considering that Mary Jane is 3 times as fast as a good carpenter, her work as a carpenter could be valued as the combined work of three carpenters. But even three carpenters earn less than a lawyer; $60 an hour ($20 an hour per carpenter times 3 carpenters).

So Mary Jane definitely should work as a lawyer and hire a carpenter or even three carpenters to build her cabinets.

You might be interested in
This is section 3.7 problem 60: a clothing manufacturer has the cost function c(x)=1200+30x+0.5x2 , (in dollars), 0≤ x≤ 250 , wh
viktelen [127]

Answer:

90 suits per week must be produced and sold to achieve the maximum profit of $2,850.

Explanation:

The profit function is given by the revenue function minus the cost function:

P(x) = R(x) - C(x)\\P(x)=120x -1200-30x-0.5x^2

The number of suits, x, for which the derivate of the profit funtion is zero, is the production volume that maximizes profit:

P'(x)=0=120-30-x\\x=90\ suits

The profit generated by producing 90 suits is:

P(90)=120*90 -1200-30*90-0.5*90^2\\P(90) = \$2,850

Therefore, 90 suits per week must be produced and sold to achieve the maximum profit of $2,850.

5 0
3 years ago
Tayesha wants to find more information about a career in architecture. which resource is most likely to give balanced, accurate
Andrei [34K]
<span>The Bureau of Labor Statistics is usually a good starting point. This website/database allows for all types of jobs and industries to be researched. Within these titles, the career advancement data, statistics on compensation, and types of jobs within the overall umbrella are given.</span>
3 0
3 years ago
Read 2 more answers
A​ firm's marginal product of labor is 4 and its marginal product of capital is 5. if the firm adds one unit of​ labor, but does
Irina18 [472]
The firm should hire 2 more people

7 0
3 years ago
Prextos Corp., after incurring losses, decides to move its manufacturing unit to a foreign location where it would get labor at
Darya [45]

Answer:

Offshoring

Explanation:

offshoring is the  process of  moving an aspect of a business process overseas with the intention of  reducing cost.

A firm can move its manufacturing process from its own parent country to another country (usually where the  labour rate and cost of raw materials is cheap compared to what it obtainable in its home country) in other to  reduce  its cost of production thereby increasing its added value.

From the above explanation, we can conclude that Prextos is planning to employ  Offshoring to cut down losses.

7 0
3 years ago
the main purpose of writing a business plan is to a. prepare a "blueprint" for the development of your business. b. meet a state
erastova [34]
D because if your employees don't know about anything then you will have a sloppy business

5 0
3 years ago
Read 2 more answers
Other questions:
  • Hewitt Company expects cash sales for July of​ $11,000, and a​ 19% monthly increase during August and September. Credit sales of
    10·1 answer
  • 4. Carter owns a hair salon. He sets his own schedule based on commitments to his kids and his clients needs. Which core dimensi
    9·1 answer
  • Quad Enterprises is considering a new three-year expansion project that requires an initial fixed asset investment of $2.3 milli
    9·1 answer
  • Which statement is false about the circular-flow diagram? A. Money flows in the direction opposite to goods and services and fac
    13·1 answer
  • Shelley wants to cash in her winning lottery ticket. She can either receive sixteen $100,000 semiannual payments starting today,
    7·2 answers
  • You have accepted a job as the president and CEO of a large transportation conglomerate. Over the years, the conglomerate has ac
    14·1 answer
  • The journal entry to record direct labor used in process costing is a(n): Multiple choice question. increase in assets and an in
    11·1 answer
  • Click this link to view the OOH educational information for Roofers. According to the OOH, what are some educational, training,
    13·2 answers
  • Joseph (43) and Azalea (44) are married with no dependents. They will file separate returns for 2020. Joseph files his return fi
    7·1 answer
  • Essman might overlook strategic risks, the business plan at hand can be a good plan and the Product mix may be one of the best.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!