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Allushta [10]
3 years ago
10

Initially, when a firm hires a fourth worker, its wage rate goes from $80 a worker to $90. The marginal revenue product of the f

ourth worker is $100. Then the government imposes a minimum wage of $90 a worker. If the firm now hires the fourth worker, its profits will
Business
1 answer:
max2010maxim [7]3 years ago
5 0

Answer:

increase by $10.  

Explanation:

The marginal cost of hiring a fourth worker is already $90. This means that any price floor (minimum wage) imposed by the government will not affect this worker or the company because his/her wage was already equal to the new minimum wage.

The firm's profit = marginal revenue product - marginal cost = $100 - $90 = $10.

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Imagine you take a shopping trip to a flea market, and you are looking for an old record player. You know the typical antique re
Sergeu [11.5K]

The best explanation of how the principle of demand and supply has affected the price of the record player is:

  • Because there are several vending booths in the same area selling the same item, there would be a reduction in price to attract more customers.

<h3>What is Demand?</h3>

This refers to the quantity of goods which are requested by consumers at a particular time period which has an effect in the price of the good.

With this in mind, the principle of demand and supply was in effect as in the flea market, there was a reduction in price of an old record player because there was a lot of the goods in a location.

Read more about demand and supply here:
brainly.com/question/4804206

8 0
1 year ago
If cost of goods sold under FIFO was $8,000 and was $10,000 under LIFO, assuming a tax rate of 40%, how much tax savings resulte
Inessa05 [86]

Answer:

$800

Explanation:

The computation of the tax saving from using LIFO is shown below:

= Cost of goods sold under LIFO × tax rate  - Cost of goods sold under FIFO × tax rate

= $10,000 × 40% - $8,000 × 40%

= $4,000 - $3,200

= $800

By applying the above formula, the tax saving resulted from using the LIFO is $800 and the same is to be considered

3 0
3 years ago
A government makes a contribution to its pension plan in the amount of $10,000 for year 1. The actuarially-determined annual req
miss Akunina [59]

Answer:

$10,000

Explanation:

Based on the information given we were told that the government contribution to the pension plan was the amount of $10,000 for year 1 which simply means the amount of $10,000 will be the pension expenditure for the general fund for year 1.

Therefore the pension expenditure for the general fund for year 1 will be $10,000.

3 0
3 years ago
The data analysis process phases are ask, prepare, process, analyze, share, and act. What do data analysts do during the ask pha
salantis [7]

The thing which the data analysts do during the ask phase are:

  • Define the problem by looking at the current state
  • Identifying how it's different from the ideal state.

<h3>What is Data Analysis?</h3>

This refers to the use of data to find out the similarity and differences between the different data and how to use it to solve problems.

With this in mind, we can see that during the data analysis process phases, we can see that they include:

  1. Ask
  2. Prepare
  3. Process
  4. Analyze
  5. Share
  6. Act.

Then in the ask phase, the data analysts have to define the problem and then identify how to solve it.

Read more about data analysis here:

brainly.com/question/23810306

7 0
2 years ago
The Casings Plant of Wyoming Machines makes plastics shells for the company’s calculators. (Each calculator requires one shell.)
aniked [119]

Answer and Explanation:

a. The computation of the targeted production of the finished product is shown below:

= Expected sales units - beginning finished goods + ending finished goods

= 160,000 - 20,000 + 5,000

= 145,000 shells

b. The required amount of plastic purchased is

Plastic to be purchased = Consumed plastic + closing inventory - opening inventory

where,

Consumed plastic is

= 145,000 × 6 ounces

= 870,000 ounces

Opening inventory is 60,000  ounces

And, the closing inventory is

= 160,000  ÷ 12 months × 2 months × 6 ounces

= 160,000

So, the purchased plastic is

= 870,000 + 160,000 - 60000

= 970,000 ounces

5 0
3 years ago
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