Answer:
Microeconomics is the study of economics at an individual, group or company level. Macroeconomics, on the other hand, is the study of a national economy as a whole. Microeconomics focuses on issues that affect individuals and companies.
Explanation:
The value of the marginal product of any input is equal to the marginal product of that input multiplied by the: <u>market price</u> of the output.
<h3>How to find the marginal product?</h3>
The marginal product can be defined as the change that occur due to the addition of an output to a unit of input .
The value of marginal product can be calculated by making use of this formula
Value of Marginal Product = Marginal physical product × Average revenue price of the product.
Therefore the statement that complete the statement is market price of the output.
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Answer:
3,000 units and 1,950 units
Explanation:
For computing the equivalent units of ending work in process for materials and conversion cost, first we have to determine the ending work in process units which is shown below:
Ending work in process units = Beginning inventory + units started - units completed and transferred
= 2,500 units + 18,000 units - 17,500 units
= 3,000 units
Now the equivalent units of ending work in process for materials would be
= 3,000 units × 100%
= 3,000 units
And, for conversion cost it would be
= 3,000 units × 65%
= 1,950 units
