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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.

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We can use an example to explain this:

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Read 2 more answers
during its first year of operations, silverman company paid $11,440 for direct materials and $9,900 for production workers' wage
algol13

The amount of finished goods inventory on the balance sheet at year-end is $11,880

What is the cost of producing 5,600 units?

The cost of producing the finished goods of 5,600 units is the sum of direct materials, workers' wages and lease payments and utilities on the production facilities

total production costs=direct materials+ production workers' wages+ lease payments and utilities on the production facilities

total production costs=$11,440+$9,900+$8,900

total production costs=$30,240

cost per unit=$30,240/5,600

The finished goods inventory is units produced minus the units sold

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finished goods inventory=2,200

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finished goods inventory on the balance sheet=$11,880

Find out more about inventory valuation on:brainly.com/question/17230868

#SPJ1

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