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kicyunya [14]
3 years ago
11

Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if each is equipped with a shov

el, a machete, and a chainsaw. Clearing one acre brings in $1,400 in revenue. Each worker’s equipment costs the worker’s employer $210 per month to rent and each worker toils 40 hours per week for 4 weeks each month.Instructions: In part a, enter your answer as a whole number. In parts b-e, round your answers to 2 decimal places.a. What is the marginal revenue product of hiring one low-skilled worker to clear woodland for one month?b. How much revenue per hour does each worker bring in?c. If the minimum wage were $8.70, would the revenue per hour in part b exceed the minimum wage?A. Yes B. NoIf so, by how much per hour?d. Consider the employer’s total costs. These include the equipment costs as well as a normal profit of $50 per acre. If the firm pays workers the minimum wage of $8.70 per hour, what will the firm’s economic profit or loss be per acre?The firm's (Click to select) (loss profit) per acre will be:e. At what value would the minimum wage have to be set so that the firm would make zero economic profit from employing an additional low-skilled worker to clear woodland?

Business
1 answer:
olga2289 [7]3 years ago
4 0

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

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On January 1, 2022, Skysong, Inc. purchased equipment for $44280. The company is depreciating the equipment at the rate of $620
Svetllana [295]

On December 31, 2022, the book value of the equipment comes out to be $36,840 with monthly depreciation of $620.

Option D is the correct answer.

<h3>What is meant by depreciation?</h3>

Depreciation is a method that applies to tangible fixed assets where the fall in the value of an asset has been recorded.

Given values:

The purchase cost of equipment: $44,280

Monthly depreciation: $620

<u>Step-1</u> Computation of annual depreciation charges:

\rm\ Annual \rm\ depreciation=\rm\ Monthly \rm\ depreciation \times \rm\ Number \rm\ of \rm\ months \rm\ in  \rm\ a \rm\ year\\\rm\ Annual \rm\ depreciation=\$620 \times\ 12\\\rm\ Annual \rm\ depreciation=\$7,440

<u>Step-2</u> Computation of book value of the equipment at the year-end:

\rm\ Equipment's \rm\ Book \rm\ value=\rm\ Purchase \rm\ Cost \rm\ of \rm\ Equipment-\rm\ Annual \rm\ Depreciation \\\rm\ Equipment's \rm\ Book \rm\ value=\$44,280-\$7,440\\\rm\ Equipment's \rm\ Book \rm\ value=\$36,840

Therefore, when the company purchases equipment at $44,280 with annual depreciation is $7,440, then the equipment's book value comes out to be $36,840 at the year-end.

Learn more about the depreciation in the related link:

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3 0
2 years ago
If the fair value of a debt investment that is classified as an available-for-sale investment declines for a reason that is view
olganol [36]

Answer: The investment is written down to fair value, and only the credit loss component of the impairment loss is recognized in net income.

Explanation: The fair value of the debt is simply its value if you adjust the price of the debt so that a buyer would be earning the market rate of interest. If the fair value of a debt investment that is classified as an available-for-sale investment declines for a reason that is viewed as "other than temporary" because the company has incurred a credit loss on the investment then the investment is written down to fair value, and only the credit loss component of the impairment loss is recognized in net income.

7 0
3 years ago
Locus Company has total fixed costs of $118,000. Its product sells for $55 per unit and variable costs amount to $39 per unit. N
Dmitriy789 [7]

Answer:

8,850 units

Explanation:

We know that

Net income = Unit sales × (Selling price per unit - variable cost per unit) - Fixed cost

$23,600 = Unit sales × ($55 - $39) - $118,000

$23,600 = Unit sales × $16 - $118,000

$23,600 +$118,000 = $16 unit sales

So, unit sales = 8,850 units

The net income is computed below:

= Given percentage × Total fixed cost

= 20% × $118,000

= $23,600

6 0
3 years ago
​Electric, Inc. was incorporated on January​ 1, 2016. Electric issued​ 4,000 shares of common stock and​ 1,200 shares of preferr
S_A_V [24]

Answer:

$57,600

Explanation:

The computation of the total amount paid to preferred shareholders are shown below:

= Number of shares for preferred stock × par value × dividend rate × number of years

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= $57,600

In case of cumulative, the number of years would be four years for dividend paid

All other information which is given is not relevant. Hence, ignored it

8 0
3 years ago
You have your choice of two investment accounts. Investment A is a 12-year annuity that features end-of-month $1,900 payments an
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Answer:

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Explanation:

6 0
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