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son4ous [18]
3 years ago
12

Labor Input Physical output 10 500 11 600 12 690 13 760 14 800 Refer to the above table, answer the following questions: A. If t

he price of the good produced is $7, what is the marginal revenue product (MRPL=11) of the 11th worker? B. Suppose the price of the good sold is $10 and the marginal factor cost of labor(MFC) is $700, how many units of labor will the firm hire?
Business
1 answer:
Mama L [17]3 years ago
7 0

Answer:

Explanation:

Labor Input       Physical output  

    10                              500

     11                               600

     12                              690

     13                              760

     14                               800

marginal output of 11 th labor = 600 - 500 = 100

price of each product = 7

marginal revenue product  of 11 th labor  7 x 100 = 700

B )

price of each of  the goods sold = 10

marginal factor cost of labour = 700

minimum no of goods to be sold to cover the labour cost

= 700 / 10 = 70

no of goods added due to  addition of 11 the labour = 100

no of goods added due to  addition of 12 the labour = 90

no of goods added due to  addition of 13 the labour = 70

so no of units of labor upto which  the firm will continue to hire

= 13 .  

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Present Value of Annuity is a series of future receipts or payments discounted to their value now assuming compound interest.

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2 years ago
A sporting goods store is having a large sale event. baseball bats are marked down by 42%, and hockey sticks are marked down by
MissTica
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Maxxie purchased a tract of land for $24,500. Today, the same land is worth $43,800. How many years have passed if the price of
sp2606 [1]

Answer:

9.35 years

Explanation:

To find the numbers of years that have passed, you can use the following formula:

n =  ln(FV / IV)/ln(1 + r)

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IV= Initial value= $24,500

r= rate= 6.4%

n=ln(43,800/24,500)/ln(1+0.064)

n= ln1.79/ln1.064

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4 0
3 years ago
Another term for adding money to an account is _____ .
Kobotan [32]
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6 0
3 years ago
A company is considering two mutually exclusive projects. The firm has a 12% cost of capital , has estimated the cash flows as b
Novosadov [1.4K]

Answer:

Project A = 4 years 4 months

Project B = 2 years 6 months

Explanation:

The payback period of a project is the length of time it takes for the cash flows to equal the amount of initial investment.

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3 years ago
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