Solution :
A firm hires labor till a point where the cost of hiring is equal to the value of the additional revenue it produces.
We know ,
the wage rate = cos of hiring an additional worker
the value of the additional revenue that the firm produces = price x (MPI) marginal product of the labor.
Therefore, the firm will hire when :
Wage = value of the additional revenue it generates
Thus, wage = price x (MPI) marginal product of the labor ...........(i)
Therefore, given :
wage of a worker = $ 45
Price = $ 12
So, 45 = 12 x MPI
MPI = 3.8
So the marginal product of employing three days of labor = 25-18/4-3 = 7
Marginal product of employing four days of labor = 30-25/4-3 = 5
So the 4th day produces less revenue than the cost that it generates.
So, the firm should hire 3 workers.
A small office is usually found in a smaller organization as for a bigger office is used for more high in people and company’s
Answer:
c) $5,000
Explanation:
Kansas Plating Company
Cost of Goods Manufactured.
DM used $40,000
Add Direct labor $70,000
Add Overhead $180,000
Total Manufacturing Costs 290,000
Work in Process Inventory
Add Begin. Inv. 5000
Avail. for mfg. 295,000
Less End. Inv. 3,500
0
Cost of goods mfg 260,000
As the beginning balances of materials direct labor and FOH are given we add these to get total manufacturing costs and also the ending balances are given of Cost of Goods Manufactured and ending Inventory we calculate backwards to get to the Work In Process opening Inventory.
<span>A digital footprint is information about a particular person that exists on the web as a result of their internet activity.</span>
The answer is 1000
Density formula is weight/volume, so the unit should be gram/centimeter^3. To convert gram/centimeter^3 into kilogram/meter^3, the <span>conversion factors would be:
</span>(gram/centimeter^3) / (kilogram/meter^3)
= (gram/kilogram) /(centimeter^3/meter^3)
<span>= (gram/ 1000gram) / (centimeter^3/ 100^3 centimeter^3)
= (1/1000) / (1 / 100^3)
= 1,000,000/1000= 1,000</span>
