A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker. The marginal revenue product of the second worker is
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Toyoda Company buys gas pedals and other parts from subcontractors and puts them in its vehicles without changing their composition. If the pedals or other parts are defective, strictly liable for any damage caused by the defects are
Answers (1)
The following information pertains to Crane Company. 1. Cash balance per bank, July 31, $9,222. 2. July bank service charge not recorded by the depositor $53. 3. Cash balance per books, July 31, $9,328. 4. Deposits in transit, July 31, $3,763. 5.
Answers (1)
Slapshot Company makes ice hockey sticks. Last week, direct materials (wood, paint, Kevlar, and resin) costing $28,000 were put into production. Direct labor of $28,000 (10 workers x 100 hours x $28 per hour) was incurred.
Answers (1)
Printed dollars are made with various lines of colors such as peach and blue. They have art work that is off-center, and there are other identifiable watermarks for the purpose of making replication quite easy. True or False True False
Answers (1)
Of the following groups, which benefits most from a government price support program that establishes a floor price for an agricultural product that is higher than the product's market clearing price? Select one: a.
Answers (1)
New Questions in Business
Name and describe the four basic types of fees and cost a franchise owner must pay
Answers (1)
What is the difference between capital gain and capital loss?
Answers (1)
g The Council of Economic Advisors to the President of a country reported gross investment expenditure at $400,000 during a particular year.
Answers (1)
What are the order of in which management can take legal action against a employee
Answers (1)
What best describes an entrepreneur? a. Someone who initiates and assumes the financial risk of a new business enterprise. b. A person who knows how to evaluate which stocks to purchase. c. Someone who can expertly manage other people's investments.
Answers (1)