The number of bows that Penny makes per hour and the price the firm sells at shows that the value of the marginal product is $24.95 per hour.
The highest wage the firm will pay is $24.95 per hour.
<h3>What is the value of Penny's marginal product?</h3>
This can be found by the formula:
= Price x Marginal product of Penny
= 4.99 x 5
= $24.95 per hour
The highest wage the firm can pay would be the wage amount that equals their marginal revenue as this is the only way they can maximize profit.
Their marginal revenue in this case is the $24.95 per hour that they pay to Penny so this will be their highest wage to her as well.
Find out more on profit maximization at brainly.com/question/13749309.
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Answer:
7
Step-by-step explanation:
Begin by subtracting 1/8 from both sides to get
and get a common denominator of 8 on the right:
. Now simplify and cross-multiply: 39x = -16 andx = -16/39
Answer:
Grace
Step-by-step explanation:
Chelsea and Roan didn't distribute the negative sign in the second half of the first expression.
-2(x - 8) is
-2(x) + (-2)(-8)
-2x + 16
Answer:
40/.40 = 100
You can buy 100 pounds of food.
Step-by-step explanation:
