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22 March, 13:32

Now consider the employer's total costs. These include the equipment costs as well as a normal profit of $50 per acre. If the firm pays workers the minimum wage of $6.20 per hour, what will the firm's economic profit or loss be per acre?

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  1. 22 March, 13:56
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    The firm's (choose one) : loss per acre will be $ 192

    Explanation:

    Instructions: Enter only whole numbers for your answer. Enter a positive number after identifying profit or loss.

    Wage to workers = 160 hrs x $6.20

    = $992

    Equiptment costs = $150 per month

    Normal profit required = $50

    Total cost = $992 + $150 + $ 50

    = $1192

    Total revenue per month = $1000

    Profit = Total revenue per month - Total cost

    = $1192-$1000

    = - $192
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