A total of 3 worker will be hired for the ranch if the going wage for these workers is $500 per week.
<h3>What is a marginal labor?</h3>
This refers to a firm increase in total production because of one additional unit of labor that is added while all other factors of production remain constant.
Given the information in the attached table, a total of 3 worker will be hired for the ranch if the going wage for these workers is $500 per week.
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The way that the increasing income would affect the market for spam an inferior good is that it would cause the demand for spam to decrease.
<h3>What is an inferior good?</h3>
This is the term that is used to refer to the good that the demand for falls whenever there is a positive change in income. That is as the income of a person rises, the demand that they would have for an inferior good would be more likely to fall.
Hence we can say that the The way that the increasing income would affect the market for spam an inferior good is that it would cause the demand for spam to decrease.
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increase the output by one-unit so it will increase the firm's profit.
Total rev = 3000x400 = 1.2 million - (3000 x 280) 840,000 - 160,000 = 200,000 in net income.
