Assume that a firm uses labor and capital to produce a product. The firm hires labor at a wage rate of $4 per unit and rents capital at $5 per unit. At its current output level, the marginal physical products of labor and capital are 20 and 30 units, respectively. To minimize its cost of production without changing the level of output, the firm should a.) make no changes b.) hire more labor and rent more captital c.) hire less labor and rent more capital d.) hire more labor and rent less capital Hire less labor and rent less capital
Answers: 3
Business, 22.06.2019 02:30
rural residential development company and suburban real estate corporation form a joint stock company. the longest duration a joint stock company can be formed for is
Answers: 2
Business, 22.06.2019 05:00
Which of the following are considered needs? check all that apply
Answers: 1
Business, 22.06.2019 17:10
At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)
Answers: 3
Business, 23.06.2019 02:00
When the two countries did not specialize, the total production of jeans was 23 million pairs per month, and the total production of corn was 68 million bushels per month. because of specialization, the total production of jeans has increased by million pairs per month, and the total production of corn has increased by million bushels per month. because the two countries produce more jeans and more corn under specialization, each country is able to gain from trade?
Answers: 1
Assume that a firm uses labor and capital to produce a product. The firm hires labor at a wage rate...
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