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dalvyx [7]
3 years ago
10

Firm XYZ produces and sells corn in a perfectly competitive market and hires its workers in a perfectly competitive labor market

. Which of the following best describes the demand curve for XYZ's corn and XYZ's demand curve for labor?
answer choices
(A) Demand for XYZ’s Corn = Horizontal ; XYZ’s Labor Demand = Horizontal

(B) Demand for XYZ’s Corn = Horizontal ; XYZ’s Labor Demand = Downward Sloping

(C) Demand for XYZ’s Corn = Horizontal ; XYZ’s Labor Demand = Vertical

(D) Demand for XYZ’s Corn = Downward Sloping ; XYZ’s Labor Demand = Downward Sloping
Business
1 answer:
Korolek [52]3 years ago
7 0

Answer:

(B) Demand for XYZ’s Corn = Horizontal ; XYZ’s Labor Demand = Downward Sloping

Explanation:

If Firm XYZ produces and sells corn in a perfectly competitive market and hires its workers in a perfectly competitive labor market, the statement that best describes the demand curve for XYZ's corn and XYZ's demand curve for labor is: Demand for XYZ’s Corn = Horizontal ; XYZ’s Labor Demand = Downward Sloping.

In a perfectly competitive market for commodities, <u>the demand curve is horizontal because demand is equal to average revenue and is also equal to marginal revenue.</u>

However in the perfectly competitive labor market, the case is different because the wage rate is set by the industry not just one firm, and demand for factors of production such as labor has an inverse relationship with the wage rate.

Furthermore, the law diminishing returns affects the demand for labor because as the firm adds more and more worers, the marginal productivity of each will decline. H<u>ence MP (marginal productivity) is less than AP (average productivity) which leads to a downward sloping demand curve</u>

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Helen [10]

Answer: C) $2,000 per week.

Explanation:

The slope of the project refers to the additional amount that it would cost to be able to finish the project faster than schedule.

In the question, the construction activity is for 14 weeks at a rate of $5,000 for the laborers per week. If you wanted to reduce this project duration to 10 weeks, you will have to spend an additional $2,000 more per week.

This $2,000 is therefore the slope of the activity.

3 0
2 years ago
Classify each resource used in production as land, labor, capital, or entrepeneurs.
sveticcg [70]

Answer:

1. Aunt Sandy's Jammin' Jellies (the business) - <u>Entrepreneurs </u>

Entrepreneurship refers to the process of bringing together the various other factors of production to be able to produce goods and services. Aunt Sandy's as a business is an entrepreneur as it brought together factors of production to make Jellies.

2. Anika, a server at Sonic Drive-In - <u>Labor</u>

Labor refers to the actual people who contribute to the business. Anika is a server at the Drive- In and so works there contributing to the success of the business so she is Labor.

3. Your favorite bartender - <u>Labor</u>

Like Anika above, your favorite bartender is also a person contributing to the success of the bar so is considered labor.

8 0
3 years ago
Harriet has been assigned the task of setting up work teams for a complex software development project. Each team has different
madam [21]

Answer:

Option B (Wheel) is the right answer.

Explanation:

  • That was the most suited wheel-based networking architecture. So every team works reasonably amongst the many departments together, communicated as well as worked together as a centralized control through hubs.
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The other four alternatives aren't connected to the given scenario. So the above is the right option.

7 0
3 years ago
Which of the following is true when there is excess demand for a product in a market?
tigry1 [53]
Surplus hope it helps since you did not put any choices ......
7 0
3 years ago
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trapecia [35]

Answer:

We have to find Western Country Corporation's net income, and cash balance at the end of 2018.

The answers are:

Net Income = $200 million

Ending cash balance = $100 million

Explanation:

Net income is equal to sales revenue - cost of goods sold - other expenses

Net Income = $850 million - $255 million - 425 million

                   = $200 million

Ending cash balance is equal to beginning cash + cash receipts (inflows) - cash payments (outflows)

Ending cash balance = $85 million + $710 million - $400 million - $285 million

                                   = $110 million

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