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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The slope is -1 as picking any two points, and finding (y2-y1)/(x2-x1)=-1
2 solutions because you have 2 different equations
Answer:
1/6
Step-by-step explanation:
-3/4 - (-1/2) = - 1/4
-2/3 - 5/6 = - 3/2
-1/4 ÷ -3/2
Volume of Cylinder
= πr²h
= (3.14)(5)²(16)
= 1256 cm³
Volume of Cone
= 1/3πr²h
= 1/3(3.14)(4)²(12)
= 200.96 cm³
Volume of air space
= Volume of Cylinder - Volume of Cone
= 1256 - 200.96
= 1055.04 cm³
≈ 1055 cm³ (nearest whole number)
