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Alexandra [31]
3 years ago
8

A profit-maximizing entrepreneur rents an apple orchard for a day. He is a price taker in both the market for labor and the mark

et for apples. Assume that a bushel of apples sells for $10. Laborers are hired by the day (the variable input) to pick apples (the product). The production function (the relationship between the number of laborers hired and the number of bushels of apples picked) looks like this:
Laborers hired per day Total product(bushels of apples per day)
4 52
5 60
6 66
7 70
8 72

Required:
How many laborers would the entrepreneur employ if the government raised the minimum wage to $75 per day?

a. 4
b. 8
c. 5
d. 7
e. 6
Business
1 answer:
yaroslaw [1]3 years ago
7 0

Answer:

c. 5

Explanation:

L       Q     MPL (ΔinQ/ΔinL)    VMPL

4      52  

5      60              8                       80

6      66              6                       60

7      70               4                       40

8 72               2                       20

Note: Labour hired per day = L, Total product = Q, Marginal Product of labor=MPL, VMPL =Price*MPL

A firm will maximize the profit by increasing the number of labor as long as VMPL is higher than or equal to the wage rate. In this case, we observe that VMPL ($80)>wage rate ($75) for L=5 but VMPL ($60)<wage rate ($75) for L=6. So, the optimal number of labor to be hired is 5.

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Janson Corporation Co.'s trial balance included the following account balances at December 31, 2021: Accounts receivable $14,000
11111nata11111 [884]

Answer:

$88,450 should be included in the current assets section of Janson’s December 31, 2021, balance sheet

Explanation:

Current Assets: The current assets are those assets which are converted into cash within one year.

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The computation of the total current assets is shown below:

= Accounts receivable + Inventory + Prepaid insurance + Short term investment

= $14,000 + $40,000 + $3,650 + $30,800

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6 0
3 years ago
A mortgage of $80,000 with 2 points means the borrower would have to pay at closing $800. Group startsTrue or FalseTrue, unselec
zavuch27 [327]

A mortgage of $80,000 with 2 points means the borrower would have to pay at closing $800 is false because the real pay at closing is $1,600.

<h3>What is mortgage?</h3>

A mortgage is a loan that is used to buy or to maintain a land, home, or other sort of real estate.

The borrower checks to refund the lender over a period of time, usually in an ordination of regular installments divided into principal and interest. The property is used as security for the loan.

According to the given information,

Mortgage Amount = $80,000

Points = 2

Let the 2 points is taken as a percentage:

Point 1 = 1%, and

Point 2 = 2%

Now, as we know that in the loan process, the amount of point is cyphered at the closing. Then, the closing cost is commuted as:

\text{Closing Cost Amount} =\text{Mortgage} \times \text{Points}\\\\\text{Closing Cost Amount} =$80,000 \times 2\%\\\\\text{Closing Cost Amount} =\$1,600

Therefore, the given problem is false, that the borrower have to pay $800, he would have to pay only $1,600.

Learn more about the mortgage, refer to:

brainly.com/question/15074748

#SPJ1

3 0
2 years ago
Efficiently scheduling material and labor is an example of ________________ decisions
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