The best indication of a property's value comes from:
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Answer: Stan will buy 3 units of Candy bars and 5 units of Soda.
Explanation:
The optimal consumption bundle s given by the point where the indifference curve is tangent to the budget line. At this point, the slope of the indifference curve is equal to the slope of the budget line.
That is
This marginal utility per dollar is equal for consumption bundles,
1 unit of candy bar, 4 units of soda = Total expenditure = $6 < Income. Thus not optimal
3 unit of candy bar, 5 units of soda = Total expenditure = $11 = Income. Thus optimal bundle
5 unit of candy bar, 6 units of soda = Total expenditure = $16 > Income. Thus not optimal
7 unit of candy bar, 7 units of soda = Total expenditure = $21 > Income. Thus not optimal
Therefore, 3 units of candy bars and 5 units of soda is the only optimal bundle which utilizes all the income to maximize consumption.
Labour Productivity is basically the worth of goods produced by each labour or collectively in an hour, This can be expressed in the formula below:
Labour Productivity per hour of work=
In order to find worth of goods we shall use below Formula:
Worth of Goods= Sale Price per Unit*Number of Units Sold
In given case there are 2 types of goods sold as below
1. Proper Garments
Worth of Goods Sold= $210*78 Garments
Worth of Goods Sold=$16380
2. Seconds
Worth of Goods Sold= $100*54
Worth of Goods Sold= $5400
Total Goods Sold= $5400+$16380
Total Worth of Goods=$21780
Total Hours Worked= No of Workers*Hours Worked each Worker
Total Hours Worked= 8*45
Total Hours Worked=360 Hours
Labour Productivity=
Labour Productivity=$60.5 per Hour