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Ratling [72]
3 years ago
10

The productivity of labor in a firm has decreased due to the recent retirement of many of the firm’s most skilled workers. Assum

ing that the firm is a profit maximizer in a perfectly competitive situation, the firm will:
I. Increase the average wage.
II. Decrease the average wage.
III. Reduce the number of worker-hours it hires.
IV. Hire additional labor.
V. Increase the number of worker-hours it hires.

a. Statement I only.
b. Statement IV only.
c. Statements I and V only.
d. Statements II and III only.
e. Statement V only.
Business
1 answer:
PSYCHO15rus [73]3 years ago
6 0

Answer: The correct answer is "d. Statements II and III only.".

Explanation: Assuming that the firm is a profit maximizer in a perfectly competitive situation, the firm will:

- II. Decrease the average wage.

- III. Reduce the number of worker-hours it hires.

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For each of the following, state whether the events created are mutually exclusive and whether they are collectively exhaustive.
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Answer:

Explanation:

- mutually exclusive (ME): If one event occur the other doesn't

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7 0
3 years ago
An income statement for Sam's Bookstore for the first quarter of the year is presented below:
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Answer:

The contribution margin for Sam's Bookstore for the first quarter is $163,000.

Explanation:

The contribution margin is the sales minus total variable cost. This can be calculated as follows:

Units of books sold = Sales / Selling price per book = $900,000 / $60 = 15,000

Variable selling expenses = Units of books sold * Variable selling expenses per book = 15,000 * $5 = $75,000

Variable administrative expenses = Sales * 3% = $900,000 * 3% = $27,000

Total variable cost = Cost of goods sold + Variable selling expenses + Variable administrative expenses = $635,000 + $75,000 + $27,000 = $737,000

Contribution margin = Sales - Total variable cost = $900,000 - $737,000 = $163,000

Therefore, the contribution margin for Sam's Bookstore for the first quarter is $163,000.

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