Answer:
a) perfectly competitive market
b) perfectly competitive market
c) 5 workers
d) 46 units
e) Profit of $73
Explanation:
a) The firm sells its output at the present market price, the firm has control of the market prices therefore this is a perfectly competitive market.
b) The firm can hire all of the workers it wants at a market wage rate, this means that the labor market is also perfectly competitive.
c) We have to first calculate the marginal revenue product (MRP) of each worker. The marginal revenue product of the last worker must be equals his wage rate in order to maximize profits. Hiring new workers as every additional employee adds less to the total revenue than to the costs of the firm.
MRP = Marginal product × Price.
Price = $3
Number of Total Marginal Marginal Revenue
Employees Output Product (MP) Product $ (MRP = MP * P)
0 0
1 14 14 52
2 26 12 36
3 35 9 27
4 42 7 21
5 46 4 12
6 48 2 6
The MRP of each of the first 5 employees is higher than their wage rate ($11). The firm should hire 5 workers to maximize profit
d) The output of 5 workers is 46 units
e) Fixed cost = $10
Variable cost = number of workers × wage rate = 5 × $11 = $55
Revenue = output × price per unit = 46 × $3 = $138
Profit = Revenue - variable cost - fixed cost = $138 - $55 - $10 = $73
Answer: 15 days.
Explanation: When one makes an optimistic estimation duration of a project, they don't take into account the unforeseen circumstances that could take place within the duration of the work. This may delay the work that would ultimately increase the number of days.
Similarly, when you make a pessimist estimate, you take into account all the delays and breaks and more into account.
Therefore, when you actually start the work you face these delays and more that ultimately gets you in between the predicted optimistic and pessimistic estimate.
Correct answer is D, All of the above. There are always job changes, promotions and retirements.
Answer:
$2,608.65
Explanation:
The computation of the loan amount is shown below:
But before that first we have to determine the interest which is
= Principal × rate of interest × number of days ÷ total number of days in a year
= $2,500 × 11.75% × 135 days ÷ 365 days
= $108.65
The rate of interest given is 11 
And, the 135 days is from Sept 14 to Jan 27
So, the total amount paid is
= $108.65 + $2,500
= $2,608.65
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What is branding?
A brand is any characteristic that sets one seller's good or service apart from that of other sellers. It can be a name, a term, a design, a symbol, or anything else. Businesses, marketers, and advertisers use brands to build and preserve brand equity for the product or service they are promoting, which benefits the brand's consumers, owners, and shareholders. Sometimes generic or store brands can be distinguished from brand names. It is believed that the ancient Egyptians, who are known to be have engaged in livestock branding as slightly earlier as 2,700 BCE, are the originators of the practise of branding, which is defined in its original literal sense as marking by burning. By using a hot branding iron to burn a distinctive symbol into the animal's skin, branding was used to distinguish one person's cattle from another.
To learn more about branding
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