BUSINESS HIGH SCHOOL

Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. when the firm hires 6 workers the firm produces 90 units of output. fixed costs of production are $6 and the variable cost per unit of labor is $10. the marginal product of the seventh unit of labor is 4. given this information, what is the marginal cost of production when the firm hires the 7th worker?

Answers

Answer 1
Answer: Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. when the firm hires 6 workers the firm produces 90
Answer 2
Answer:

Final answer:

The marginal cost of production when the firm hires the 7th worker is $40.

Explanation:

In order to determine the marginal cost of production when the firm hires the 7th worker, we need to first calculate the total cost at 6 workers. From the information given, we know that when the firm hires 6 workers, the output is 90 units and the variable cost per unit of labor is $10. Therefore, the total variable cost at 6 workers is $600 (6 workers x $10 per unit of labor). Additionally, the fixed cost is $6.



To calculate the marginal cost of production when the firm hires the 7th worker, we need to find the change in total cost. Since the marginal product of the 7th unit of labor is 4, the additional output produced when the 7th worker is hired is 4 units. The additional variable cost for these 4 units is $40 (4 units x $10 per unit of labor). Therefore, the change in total cost is $40, which is the marginal cost of production when hiring the 7th worker.

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The office of vocational and adult education (OVEA) states that almost all high school students take at least 1 CTE course, and 1 in 4 students take 3 or more courses in a singled programmed area.

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Answers

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When Terry retired from​ Caterpillar, he received a​ pension: Caterpillar would pay him​ $50,000 the first year he was​ retired, with the amount increasing by 5 percent each year thereafter. If inflation turned out to be 2 percent each​ year, what would happen to the real value of​ Terry's pension? A. It would decrease each year by 5 percent. B. It would increase each year by 3 percent. C. It would increase each year by 5 percent. D. It would decrease each year by 3 percent.

Answers

Answer:

B. It would increase each year by 3 percent.

Explanation:

Given

Pension = $50,000 in first year

Increment = 5%

Inflation = 2%

Inflation doesn't only affect the value of an investment, it also influence the liabilities of a pension fund.

Consider a pension plan which gives a worker a benefit based on final average salary; A slight increase in the inflation would reduce the worker's real benefits in the years after retirement.

So, instead of Terry's pension to increase by 5% each year,

It'll increase by 3%

This is calculated by subtracting the inflation rate from the real increment rate.

5% - 2% = 3%

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Answers

Answer:

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really no explanation i just know this from my class last year

The money you deposit in a bank is called the 'principal'. This term applies to various types of accounts, like checking, savings, and CDs. Interest is the amount earned over time on that principal.

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Answers

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Answers

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I hope my answer has come to your help. Thank you for posting your question here in Brainly. We hope to answer more of your questions and inquiries soon. Have a nice day ahead!
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