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 .
Answer:
C
Explanation:
Down payment is something that you pay upfront before getting anything.
Answer:
elastic, because many other firms produce the same standardized product
Explanation:
A good has perfect price elasticity when a change in price leads to an infinite change of quantity demanded.
A perfect competition is when there are many buyers of homogenous goods and services. The sellers are price takers; prices are set by the market force.
A perfect competition has perfect price elasticity because goods sold are standardised and identical with other goods in the market. If the seller increases its price, it's demand would fall to zero as consumers would shift demand to other subsituite goods.
I hope my answer helps you.
A. overall productivity increases. This is because B and C are both negative things anf the question asks for positive things, and D doesnt make sense since the employees are working more since they are managing work flow, not the managers
Answer:
Option (b) is correct.
Explanation:
Given that,
Budgeted production (September) = 50,000
Direct labor time for producing each sneaker = 2 hours
Direct labor wages average = $15 per hour
Direct labor budget for September:
= Budgeted production of sneaker in September × direct labor time require for each sneaker × Direct labor wages average per hour
= 50,000 × 2 hour × $15
= $1,500,000
Therefore, the direct labor cost budgeted for September is $1,500,000.
