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FromTheMoon [43]
2 years ago
12

A firm hires labor, capital, and land to produce grapefruits. currently the marginal product of the last unit of labor input is

40, the marginal product of the last unit of capital input is 60, and the marginal product of the last unit of land input is 200. the market wage is $20 and the market price for capital is $30. if the firm is using the optimal combination of inputs, then the price of land is
Business
1 answer:
umka21 [38]2 years ago
6 0

Answer:

$100

Explanation:

the marginal product per dollar spent on labor = 40 units / $20 = 2 units per dollar

the marginal product per dollar spent on capital = 60 units / $30 = 2 units per dollar

the marginal product per dollar spent on land = 2 = 200 / $X

$X = 200 / 2 = 100 ⇒ the cost per unit of land is $100

The marginal product per dollar spent on a factor of production (labor, capital or land) is MP(factor)/P(factor). It measures how many additional units of output can be obtained by spending $1 more in a factor of production.

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$15,400

Why:
Original cost is $22,000 and 30% of that is $6,600.
$22,000 - $6,600 = $15,400
5 0
1 year ago
A society can produce two goods: donuts and beer. The society's production possibility frontier is negatively sloped and "bowed
monitta

Answer:

c. increases

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Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives.

The production possibility frontier is graph that shows the two combinations of goods that an economy can produce given its resocurces.

As the production of donuts increases, the amount of beers that would be forgone in order to increase production of donuts rises.

I hope my answer helps you

5 0
2 years ago
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Bingel [31]

The answer is noone.

8 0
1 year ago
Wanda Workout stopped at the local store to purchase a drink after her strenuous jog that morning. She purchased a large drink f
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Warranty of fitness for particular purpose.

Explanation:

Under the principle of implied warranty, products must be fit for the particular use for which they are intended. What does one do with a drink other than drink it ? Therefore, there was no need for Wanda to inform Kelly about the purpose, as Kelly is aware of the purpose for which Wanda wants the product.

Hence, it is seller Kelly's duty to ensure that the goods are suitable for that purpose.In other words, there was an implied warranty that the drink was fit to be consumed.

8 0
2 years ago
Purdum Farms borrowed $16 million by signing a five-year note on December 31, 2017. Repayments of the principal are payable annu
irina [24]

Answer:

Current liabilities   $3.2 million

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The amount classified as current liabilities as at 31st December 2018 is the portion of the loan repayable within a year,that the repayment due at 31st December 2019 which is $3.2 million.

The amount to be classified as long term liabilities is the balance of the loan after having taken out the payment in year 1 as well as the repayment to be made in year 2

5 0
1 year ago
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