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Nataliya [291]
3 years ago
11

13. A firm hires its labor in a perfectly competitive factor (or resource) market and sells its product in a perfectly competiti

ve product market. a. Using correctly labeled side-by-side graphs, show each of the following: i. The equilibrium wage rate in the market ii. The labor supply curve the firm faces iii. The demand curve the firm faces iv. The number of workers that the firm hires
Business
1 answer:
marissa [1.9K]3 years ago
7 0

Answer:

Attached below are the graphs

Explanation:

i) The Equilibrium wage rate in the market is determined by the Intersection of the labor demand and supply curve  as seen in the graph attached

ii) The Labor supply curve the firm faces is perfectly elastic in a perfectly competitive resource market

iii) The demand curve of the firm is perfectly elastic because in competitive market a slight change in price will cause a massive change in demand

iv) The firm will continue hiring as long as  MRP ≥ MFC

( MRP = marginal revenue product , MFC = marginal factor cost )

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Svetach [21]
Variable costs.


Hope that helps, Good luck! (:
6 0
3 years ago
Read 2 more answers
7. Total Cost for Savings Piggy bank with cash Dean is planning to purchase a new Nissan Altima which costs $26,865. He has save
son4ous [18]

Answer:

The monthly deposit is calculated using PMT function :

rate = 1.2%/2 (converting annual rate into monthly rate)

nper = 12 * 5 (5 years of deposits with 12 monthly deposits each year)

pv = -3200 (Amount put into account now. This is entered with a negative sign because it is a cash outflow)

fv = 26865 (Required value of account after 5 years)

PMT is calculated to be $379.70.

The monthly deposit is  $379.70.

7 0
2 years ago
A company had sales of $699,000 and cost of goods sold of $280,000. Its gross profit equals:
alexgriva [62]

Answer:

$(419,000) is the answer

8 0
2 years ago
Tangible and intangible benefits are defined as: a. None of these choices b. Tangible costs (benefits) can be reasonably quantif
Nata [24]

Answer: All of these choices are correct.

Explanation:

Tangible benefits are benefits that can easily be measured by an individual such as: cash and property while Intangible benefits are those benefits that can't easily be measured in units such as: security, experience, satisfaction.

4 0
3 years ago
Front Company had net income of $82,500 based on variable costing. Beginning and ending inventories were 1,800 units and 3,200 u
3241004551 [841]

Answer:

$94,260.00

Explanation:

There is no doubt that the difference between net income under absorption costing and variable costing method lies in the treatment of fixed cost, under the former, each product is charged with fixed cost while total fixed cost is charged as a  period cost under the latter.

In essence, the fixed cost on ending inventory would have been expensed and deducted in arriving at net income under variable cost, in other words, we simply add to net income under variable costing the fixed cost attributable to an increase in ending inventory

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net income=$94,260.00

4 0
2 years ago
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