Dependable Cotton, Linen Luxury and Sumptuous Silk are popular clothing fabrics.
Answer:
$23.85 per hours
Explanation:
The labor wage per hour can be calculate by simply dividing minimum monthly income by the least number of total hours that a labor must work. The resultant amount will be hourly wage of an employee.
Mathematically,
Hourly Wage = Minimum Monthly Income / Total Hours Worked
Here
Minimum Monthly Income is $4,089
Total Hours Worked = 40 Hrs per week * 30 days / 7 days
Total Hours Worked = 171.43 Hours
By putting the values, we have:
Hourly Wage = $4,089 / 171.43 Hrs = $23.85 per hours
If Natasha can produce either 5,000 pounds of cheese or 20 houses per year and Jameson can produce either 5,000 pounds of cheese or 10 houses per year then,
- Natasha has a comparative advantage in the production of cheese.
- Jameson has a comparative advantage in the production of cheese.
<h3>What is comparative advantage?</h3>
The ability of an economy to produce a specific good or service at a lower opportunity cost than its trading counterparts is known as comparative advantage.
The example of comparative advantage is-
- For instance, if a nation excels in producing both cheese and chocolate, they can choose to allocate the appropriate amount of labour to each product.
- This nation has a comparative advantage in producing chocolate if it takes one hour of labour to make 10 units of cheese and one hour of labour to produce 20 units of chocolate.
The importance of comparative advantage are-
- Ability to create a good or service for a lower opportunity cost is a benefit of comparative advantage.
- Companies with a comparative advantage are able to sell their products and services for less than their rivals do, resulting in higher profit margins and stronger sales margins.
To know more about lower opportunity cost, here
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Answer:
the wheat firm is perfectly competitive
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
he is a price taker and the price of his wheat which would be equal to equilibrium price would be determined by market forces
if he sells at the market price, he would sell all his wheat
Explanation:
If the uncle sells above equilibrium price, he would not sell any wheat
he cannot sell below equilibrium price because he would make losses
Answer:
Stories
Explanation:
Stories are the stuffs that the people hear about and like to discuss about. Stories are part of the organization culture and are a good means for an organization to affect customer choices because the issues of the customers are highlighted which helps organization to rectify its operations.
