Answer: $24
Explanation:
Given the following :
Total product for first worker hired = 24
Total product when two workers are hired = 32
Product price = $3 per unit
The marginal revenue product of a worker is equal to the product of the marginal product of labor (MPL) and the marginal revenue (MR) of output.
Marginal revenue product of second worker:
The marginal product of labor :
Change in output when additional labor is added
Therefore, change in product when worker increases from one to two workers ;
32 - 24 = 8 products
Marginal product of labor * product price
8 * $3 = $24
Answer:
Legally sufficient.
Explanation:
The answer is that to constitute consideration, the value of whatever being exchanged must be legally sufficient because this means that consideration must be enough in the terms of the law like comitting to do something that you are otherwise not obligated to do.
Answer:
Check the following explanation and images attached
Explanation:
The assumptions in single-server queue theory include: -
Unlimited calling population may enter the queue
Arrivals are random and independent but average number of arrival does not change.
Single waiting line and arriving customers are patient customers who can wait in the queue before they can be served regardless of the length of the line.
Arrivals are served on FIFO basis
Service time of one customer may vary from that of another customer.
Single server and service time is as per the negative exponential probability distribution.
Average service rate is greater than average arrival rate.
Answer:
1. Allocate overhead costs to jobs: Credit Factory Overhead.
2. Pay factory utilities: Debit Factory Overhead.
3. Purchase indirect material: Debit Raw Materials Inventory.
4. Use indirect materials: Credit Raw Materials Inventory.
5. Direct labor used: Debit Work in Process Inventory.
Explanation:
1. When you allocate overhead costs to jobs: Credit factory overhead. Factory overhead can be defined as cost incurred in the manufacturing process of finished goods and cannot be linked directly to the goods.
2. When you pay factory utilities: Debit factory overhead. Factory overhead can be defined as cost incurred in the manufacturing process of finished goods and cannot be linked directly to the goods.
3. When you purchase indirect material: Debit raw materials inventory. The raw materials inventory comprises of the overall cost of all resources such as component parts that a business has in stock which haven't been used for production of finished goods or work in process.
4. When you use indirect materials: Credit raw materials inventory. Raw materials inventory comprises of the overall cost of all resources such as component parts that a business has in stock which haven't been used for production of finished goods or work in process.
5. For direct labor used: Debit work in process inventory.
