Answer:
The farmer should use more fertilizer and less labor.
Explanation:
The production of wheat requires two inputs, labor and fertilizer.
The price of labor is $4.50 and the price of fertilizer is $3.00.
A farmer is currently employing the inputs such that the marginal product of labor is 11 and the marginal product of fertilizer is 8.
The ratio of price to marginal product for labor
= ![\frac{11}{4.5}](https://tex.z-dn.net/?f=%5Cfrac%7B11%7D%7B4.5%7D)
= 2.44
The ratio of price to marginal product for fertilizer
= ![\frac{8}{3}](https://tex.z-dn.net/?f=%5Cfrac%7B8%7D%7B3%7D)
= 2.66
Since the ratio for fertilizer is higher than labor, it implies that fertilizer is providing more benefit to the farmer as compared to labor. So the farmer should use more fertilizer.
Answer:
$135
Explanation:
Given:
Total clients = 1700
Membership dues = $45
Increase in monthly dues = $1
Loss of clients per dollar increase = 7 clients
Thus,
let x be the number of dollar increases
therefore,
clients lost will be 7x
so the revenue function will be
f(x) = charges × Number of clients
or
f(x) = ( 45 + x ) × ( 1700 - 7x )
or
f(x) = 90000 - 315x + 1700x - 7x²
or
f(x) = 90000 + 1385x - 7x²
now,
for point of maxima or minima
differentiating with respect to x, we get
f'(x) = 0 + 1385 - 14x = 0
or
14x = 1385
or
x = 98.92 ≈ 98
thus,
to optimize the revenue from monthly dues the club should charge
( $45 + $90 ) = $135
Answer:
amount of interest due after 6 month is $1344
Explanation:
given data
borrowed P = $42,000
interest rate = 6.4% = 0.064
time period = 6 month = 0.5 year
solution
we get here interest amount on 6 month that is express as
interest = principal × rate × time ..........1
put her value and we get
interest = 42,000 × 0.064 × 0.5
interest = $1344
so amount of interest due after 6 month is $1344
Answer: Overconfidence
Explanation:
Becoming an Investment advisor is no easy feat. In most cases one would have to go through rigorous training in college after which they will probably have to get additional certification which may require more training.
All this is done to ensure that the client's money is as safe as possible in the hands of the investment advisor while they attempt to grow it. To think that after reading just 2 books on investing, one can become so good that they can manage their own investment is simply overconfidence.
Even if they were blessed with an IQ higher than Einstein, 2 books is not enough to get the requisite knowledge required. If being an investment advisor was so easy, more people would be allowed to do it.