If the marginal product for that employee is greater than for the previous employee hired, it must be that there are gains from specialization
<h3>
What is marginal product ?</h3>
- The marginal product or marginal physical productivity of an input (factor of production) in economics, and particularly neoclassical economics, is the change in output that results from using one more unit of a specific input (for example, the change in output when a firm's labor is increased from five to six units), assuming that the quantities of other inputs are kept constant.
- The marginal product is the mathematical derivative of the production function with respect to that input if the output and the input are infinitely divisible, in which case the marginal "units" are infinitesimal.
- When more of one input, such as labor, is used while maintaining a constant level of the other input, such as capital, the marginal product initially rises according to the "rule" of declining marginal returns.
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Definition - To make your business grown larger or faster by diversifying your current product line
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70% complete compute equivalent units of production.
<h3>What is
production?</h3>
Production is the process of mixing several material and immaterial inputs to create something for consumption. It is the act of producing an output, such as a good or service, that has value and contributes to people's utility.
Land, labour, capital, and entrepreneurship are the four production factors.
Production has six sides, according to Peterson and Anand (2004): technology, law and regulation, industry structure, organisational structure, professional careers, and market.
The four elements of production are inputs utilised in various combinations to produce goods and services for a profit. Land, labour, capital, and entrepreneurship are the production factors. They are the supply inputs required.
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Answer:
$20,000 ordinary gain
Explanation:
Data provided in the question:
Cash proceeds from Selling of the equipment = $50,000
Purchasing cost of the equipment = $60,000
Depreciation expense = $30,000
Now,
The book value of the equipment
= Purchasing cost of the equipment - Depreciation expense
= $60,000 - $30,000
= $30,000
Since,
the amount of proceeds from sales is higher than the book value of the equipment
Therefore a gain will be recognized
The amount of Gain = proceeds from Selling - book value
= $50,000 - $30,000
= $20,000
Hence,
$20,000 ordinary gain
