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Eva8 [605]
3 years ago
11

Assume labor is the only variable input and that an additional input of labor increases total output from 72 to 80 units. if the

product sells for $6 per unit in a purely competitive market, the mrp of this additional worker is multiple choice $6. $8. $48. $80.
Business
1 answer:
cluponka [151]3 years ago
8 0

Considering that labor is the only variable input and an additional input increases from 72 to 80 units with the product costs of $6 per unit in a purely competitive market, then the mrp of the additional worker is $48.

Solution: (80 x $6) – (72 x $6) = $48

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If a more efficient technology was discovered by a firm, there would be Multiple Choice a downward shift in the AFC curve. an up
Pavlova-9 [17]

Answer:

a) a downward shift in the AFC curve

Explanation:

AFC = Average Fixed Cost, AVC = Average Variable Cost, MC = Marginal Cost

Average Fixed Cost is defined as the fixed cost of production divided by the quantity produced. Mathematically given as:

Average Fixed Cost = Fixed Cost ÷ Quantity

AVC = FC ÷ Q

Average Variable Cost is defined as the variable cost of production divided by the quantity produced. Mathematically given as:

AFC = VC ÷ Q

Marginal Cost is defined as the cost incurred for an additional unit to be produced. Mathematically given as:

MC = ΔC ÷ ΔQ

The firm discovered a more efficient technology implies that the cost of production is reduced. The result of this is that the fixed cost (FC) is reduced and consequently, the AFC is reduced as well. Hence, the AFC curve shifts downward. We therefore see that a reduction in fixed costs (due to the discovery of a more efficient technology) results in the AFC curve shifting downwards

<u>Hence, Option A (a downward shift in the AFC curve) is the correct answer </u>

8 0
3 years ago
Why should you save your files on a regular basis?
stich3 [128]

Answer:

in case if anything happens

4 0
3 years ago
Read 2 more answers
Materials purchased on account during the month amounted to $180,000. Materials requisitioned and placed in production totaled $
Alika [10]

Answer:

Part a. Record the transaction on the day the materials were bought.

Materials Account $180,000 (debit)

Cash $180,000 (credit)

Part b. Record the transaction on the day the materials were requisitioned

Work In Progress $165,000 (debit)

Materials Account $165,000 (credit)

Explanation:

Part a. Record the transaction on the day the materials were bought.

Recognise the Assets of Materials Purchased and Derecognise Cash to depict ouflow of economic benefits

Part b. Record the transaction on the day the materials were requisitioned

De-recognise the Materials applied in Production Process and Recognise the cost in Work In Progress Account

6 0
3 years ago
The rationing function of prices refers to the fact that government must distribute any surplus goods that may be left in a comp
natulia [17]

Answer: false

Explanation: The rationing function of price describes the way in which the use of price is done for rationing of several scarce resource. This is done automatically by the market forces of demand and supply as when the demand for a commodity exceeds its supply the price of the commodity rises leading to decrease in demand.

Thus, rationing function states to ration the goods and distribute them carefully and not to distribute the surplus amount.

4 0
3 years ago
Your task is to take this and construct a graphical representation of the data. in doing so, you determine that as the price of
fenix001 [56]
<span>Your task is to take this and construct a graphical representation of the data. in doing so, you determine that as the price of soup rises, the quantity of soup demanded decreases. This confirms the Law of Supply and Demand which states that the supply is inversely proportional to the demand. Simply speaking, whenever there is an increase in the price, the supplier tends to produce an excess supply even though the demand is low to generate a greater profit.</span>
3 0
3 years ago
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