1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
NeTakaya
3 years ago
13

Assume that a firm uses labor and capital to produce a product. The firm hires labor at a wage rate of $4 per unit and rents cap

ital at $5 per unit. At its current output level, the marginal physical products of labor and capital are 20 and 30 units, respectively. To minimize its cost of production without changing the level of output, the firm should a.) make no changes b.) hire more labor and rent more captital c.) hire less labor and rent more capital d.) hire more labor and rent less capital Hire less labor and rent less capital
Business
1 answer:
jarptica [38.1K]3 years ago
8 0

Answer: c.) hire less labor and rent more capital

Explanation:

To answer this we would need to find out the Marginal cost per dollar of producing with either form of production being labour or capital.

The Marginal Product of Labour is 20 units resulting from $4 dollars so that means that for every dollar spent on Labour we get,

= 20/4

= 5 units of output.

However, The Marginal Product of renting Capital is 30 units resulting from $5 dollars so that means that for every dollar spent on Capital we get,

= 30/5

= 6 units of output.

This means that renting Capital is more efficient because we get 1 more unit of output per dollar and so to minimize cost of production without changing the level of output, the firm should hire less labor and rent more capital.

You might be interested in
A senator from a state with several steel-rod factories explains that it is necessary to impose trade restrictions, such as a ta
Sergio [31]

Answer:

Jobs argument

Explanation:

-The national-security argument states that some industries have to be protected by imposing tariffs to maintain the local production in case of a war.

-The unfair-competition argument says that the domestic market has to be protected when there is unfair competition because companies from other countries are subject to different regulations.

-Using-protection-as-a-bargaining-chip argument states that the threat of imposing a restriction can help to eliminate a restriction that was imposed by another country.

-Infant-industry argument says that new industries have to be protected because they don't have economies of scales that their competitors from others countries have.

-The jobs argument claims that the trade with other countries eliminates the local jobs.

According to this, the answer is that the senator is using the jobs argument to argue for the trade restriction on steel rods because he claims that it is necessary to impose those restrictions to protect the workers from losing their jobs.

8 0
3 years ago
Why is cooperative a value lead and value based organization? <br><br>I need the anwers right now. ​
Marta_Voda [28]

Answer:

Co-operatives throughout the world share a set of values that give them their distinctive character.

Self-help

In co-operatives, people help each other whilst helping themselves by working together for mutual benefit.

Self-responsibility

Individuals within co-operatives act responsibly and play a full part in the organisation.

Democracy

A co-operative will be structured so that members have control over the organisation – one member, one vote.

Equality

Each member will have equal rights and benefits (according to their contribution).

Equity

Members will be treated justly and fairly.

Solidarity

Members will support each other and other co-operatives.

4 0
3 years ago
Past behavior of demand is indicative of its future behavior, therefore past demand data can be used to construct demand forecas
Elden [556K]

This statement is the underlying principle of the __time series analysis___ method.

Time series analysis method is a statistical technique that is often employed to determine how a variable changes over a series of time.

Time series analysis has been used in sciences, economics, and mathematics to determine changes of a given data variable over time and in relation to other variables in the same time period.

The wide application of the time series analysis method in various fields is dictated by the need to construct forecasts and make predictions, that is, using past realities to guess future realities.

Thus, this statement that the underlying principle of time series analysis method is based on the fact that past behavior of demand is indicative of its future behavior is widely accepted.

Learn more about time series analysis here: brainly.com/question/19485270

5 0
2 years ago
Samuel, a longtime employee of the ABCD Corporation, was injured when he fell off a ladder while stocking widgets at ABDC at the
ozzi

Answer:

Option B. He will win

Explanation:

If Samuel is desiring to sue his employer in a circuit court because he thinks that the employer was negligent then he will have to sue under negligence Act, which says that the employer is obliged to take all necessary precautions and if found negligent then the court may apply contributory negligent theory as well as comparative negligent theory. These two negligent theories means that the employer was partly responsible for injury, which means that this would result in compensation to Samuel.

Hence it is more likely that Samuel will win the case.

7 0
3 years ago
10. Assume that at the current market price of $4 per unit of a good, you are willing and able to buy 20 units. Last year at a p
ICE Princess25 [194]

Answer:

The correct answer is option C.

Explanation:

At the current market price of $4, the quantity demanded is 20 units.  

Last year at the same price the quantity demanded was 30 units.  

This means that the price remains constant, the quantity has declined from last year. This indicates that the demand has declined over the year shifting the demand curve to the left.

6 0
3 years ago
Other questions:
  • Competency: Communication Concepts
    7·1 answer
  • Moss County Bank agrees to lend the Oriole Company $560000 on January 1. Oriole Company signs a $560000, 6%, 9-month note. What
    14·1 answer
  • Consumers generally shop and compare on their computers, then purchase with their smartphones.​truefalse
    9·1 answer
  • The idea of efficiency often arises when measuring a society's well-being. There are two kinds of efficiency: productive efficie
    12·1 answer
  • Freight-in and purchase returns and allowance are not deducted from purchases to determine the net delivered cost of purchases.
    13·1 answer
  • Young Company budgets sales of $112,900,000, fixed costs of $25,000,000, and variable costs of $66,611,000. What is the contribu
    13·1 answer
  • Which investment vehicle carries the least risk?
    7·1 answer
  • During a routine pelvic exam, a 34-year-old female is found to have an ovarian cyst containing skin, hair, cartilage, and bone.
    8·1 answer
  • WILL GIVE BRAINLIEST!! NEED ASAP
    15·1 answer
  • Today companies such as Nike, Walmart and Apple are trying to stop certain harmful practices and prevent managers abroad from ad
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!