Answer:
$4000 is the correct answer to the given question .
Explanation:
The marginal cost with compare to the labor can be written as
Here K=9 units putting this value in the previous equation we get
We can find the value of labor by the given formula that are given below
From the given question that are mention in question
Q = 2(K)1/2(L)1/2
Putting the value of K and L in the given equation we get
So profit maximizing output is =$60 chairs as the chairs can be sold for the $400 each so = $60 * $400 *10=$24000 chairs
As the competitive wage of $120 for 100 units as well as the total of $8,000 on the 9 units of capital equipment
=$20000
Therefore profit-maximizing level of output =$24000-$20000=$4000
Answer:
An urban economist wishes to estimate the mean amount of time people spend traveling to work. He obtains a random sample of 50 individuals who are in the labor force and finds that the mean travel time is 24.2 minutes. Assuming the population standard deviation of travel time is 18.5 minutes, construct and interpret a 95% confidence interval for the mean travel time to work. Note: The standard deviation is large because many people work at home (travel time =0 minutes) and many have commutes in excess of 1 hour. (Source: Based on data obtained from the American Community Survey.)
Explanation:
An urban economist wishes to estimate the mean amount of time people spend traveling to work. He obtains a random sample of 50 individuals who are in the labor force and finds that the mean travel time is 24.2 minutes. Assuming the population standard deviation of travel time is 18.5 minutes, construct and interpret a 95% confidence interval for the mean travel time to work. Note: The standard deviation is large because many people work at home (travel time =0 minutes) and many have commutes in excess of 1 hour. (Source: Based on data obtained from the American Community Survey.)
Answer: Radio advertisement
Explanation:
From the question, we are informed that Jack,an HR manager at an electronics firm, has been informed that he needs to hire twenty technicians immediately.
The best method to get quality technicians will be through advertising on radio. Through this method, a larger number of people will be reached and radio advertisement is usually effective.
Answer:
Ignacio would have to fire some of his full time workers and hire contingent workers.
Contingent workers are independent contractors. So Ignacio wouldn't be responsible for paying employment taxes since contingent workers are responsible for handling their own taxes.
Answer:
Dr Equipment $22,843
Dr Licence expenses $210
Drr Prepaid Insurance $875
Cr Cash $23,928
Explanation:
Journal entry for Bench Company
Dr Equipment $22,843
($22,175+$443+$225)
Dr Licence expenses $210
Dr Prepaid Insurance $875
Cr Cash $23,928