A firm produces and sells a good for $95. To produce this good they purchased materials for $11, they paid wages of $31, and they paid rent of $15. What is the firm's value added?

Q: A production process uses two inputs, labor and capital. If the marginal product of labor per dollar…

A: Marginal productivity refers to the additional output produced by using one more unit of input while…

Q: Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the…

A: Calculation of MPL: Labor Output (TP) MPL 0 0   1 100 100 2 195 95 3 275 80 4 340 65…

Q: Which of the following profits represent economic profit? Choose all that apply.    a.  Your…

A: Economic Profit is the difference between total revenue and the sum of total explicit cost and…

Q: wheat is the main input in the production of flour. all else equal, if the price of wheat decreases,…

A: The main input for the production of flour is wheat.

Q: Suppose that Maria is starting a food ordering and delivery company. Customers order meals online.…

A: Maria is starting a food ordering and delivery company. Meals are ordered online. Maintenance of the…

Q: A firm's marginal product of labor is 5 and its marginal product of capital is 4. If the firm adds…

A: Marginal product to labor = 5  Marginal product to capital = 1

Q: A firm's production takes the form: F(L,K) = 2L√ √K (Assume K is on the y-axis when graphing) The…

A: The production function shows the relationship between the inputs used and output produced.  The…

Q: which of the following best describes marginal product? A.)Left over output- the loaves a bakery…

A: Total product refers to the total output produced with the given inputs. Marginal product refers to…