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Ne4ueva [31]
3 years ago
12

The wages paid to milkshake makers increases. Does the supply curve for milkshakes shift? If so, does it shift to the right or t

o the left?
Business
1 answer:
schepotkina [342]3 years ago
6 0

Answer: The supply curve will shift ot the left if wages paid to milkshake makers increase.

When the wages paid to workers increase, the cost of producing a product also increases.  

If the supplier continues to sell at the price before the wage increase, he will earn less profits than before, so he will not be motivated to produce as many units of the product as he was producing before.

In order to produce as many units as he was producing before the wage increase, he will look achieve the at least the same amount of profit as before. So, he’ll be willing to supply the same quantity of goods only at a higher price per unit. Hence the supply curve will shift to the left.


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Answer:

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Answer:

Explanation:

There are 2 ways in which this question can be solved:

Method 1 find all the unit cost of production add them together and multiply by the unit to be produced.

Method 2: break down each component of production and multily each by the unit to be produced.

However the method to be used depends on the nature of the question if it’s a multiple choice question Method A is faster and should be applied while if it’s a theory question Method 2 is to be applied since marks would be awarded at each point of calculation.

Note that Total Revenue is calculated the same way Price * Quantity

From the attachment:

This question let’s refer to product CD as A and CD with instructional material as B

Cost have been separated and reported in a tabular format

Step 1: Find Total Revenue first

Step 2: Multiply each cost per unit for both products by the quantity to be produced

Step 3: Fixed cost per unit is to be multiplied by no of units to be produced

Step 4: Sum all costs together

Step 5: deduct from Total Revenue to arrive at Profit

From the solution, Total Cost for CD is $455,000 while Total Revenue is $672,000

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For the purpose of decision making the product with the highest revenue is to be produced which is CD Instrumental with Material which generates a revenue of $448,000.

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