Please help me with d and e Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if each is equipped with a shovel,a machete, and a chainsaw. Clearing one acre brings in $1,500 in revenue. Each worker's equipment costs the worker's employer$275 per month to rent and each worker toils 40 hours per week for 4 weeks each month.Instructions: In part a, enter your answer as a whole number. In parts b-e, round your answers to 2 decimal places. If you are enteringany negative numbers be sure to include a negative sign (-) in front of those numbers.a. What is the marginal revenue product of hiring one low-skilled worker to clear woodland for one month?$ 1500b. How much revenue per hour does each worker bring in?$9.38c. If the minimum wage is $14.30, by how much will the revenue per hour in part b differ from the minimum wage?4.93d. Consider the employer's total costs, which include the equipment costs as well as a normal profit of $50 per acre. If the firm paysworkers the minimum wage of $14.30 per hour, what will the firm's economic profit or loss be per acre? (Note: Use a negative sign ifyou are entering a loss.)The firm's lossper acre will be $e. At what value would the minimum wage have to be set so that the firm makes zero economic profit from employing an additionallow-skilled worker to clear woodland?

d) Firm economic profit = Revenue - Equipment Cost - Profit per Acre - Labor CostFirm economic…

d. Consider the employer's total costs, which include the equipment costs as well as a normal profit of $50 per acre. If the firm pays workers the minimum wage of $14.30 per hour, what will the firm's economic profit or loss be per acre? (Note: Use a negative sign if you are entering a loss.) The firm's loss O per acre will be $ e. At what value would the minimum wage have to be set so that the firm makes zero economic profit from employing an additional low-skilled worker to clear woodland?

d. Consider the employer's total costs, which include the equipment costs as well as a normal profit of $50 per acre. If the firm pays workers the minimum wage of $14.30 per hour, what will the firm's economic profit or loss be per acre? (Note: Use a negative sign if you are entering a loss.) The firm's loss O per acre will be $ e. At what value would the minimum wage have to be set so that the firm makes zero economic profit from employing an additional low-skilled worker to clear woodland?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 15P

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Aaron has been spending five nights studying for his math tests and his current grade in the course is 90 percent. He decides to take a part-time job and study only four nights for his next test. As a result, after his next test, his grade falls to 70 percent. What is Aaron's marginal cost of working one night a week? Aaron's marginal cost of working one night a week is OA. 20 percentage points OB. greater than 70 percentage points and less than 90 percentage points OC. 70 percentage points OD. 90 percentage points
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Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if each is equipped with a shovel, a machete, and a chainsaw. Clearing one acre brings in $1,300 in revenue. Each worker's equipment costs the worker's employer $235 per month to rent and each worker toils 40 hours per week for 4 weeks each month. Instructions: In part a, enter your answer as a whole number. In parts b-e, round your answers to 2 decimal places. a. What is the marginal revenue product of hiring one low-skilled worker to clear woodland for one month? $ b. How much revenue per hour does each worker bring in? $ c. If the minimum wage is $13.20, by how much will the revenue per hour in part b differ from the minimum wage?.
1.
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Question 3 A company produces three products which must be processed through three departments. The following table summarizes the labor hours and raw material requirements required per unit each department. Each month there are 1300, 4700 pounds of raw material available. If the combined monthly production for the three departments should equal 400 units. Determine whether there is a combination of the three products which could be produced monthly so as to consume full monthly labor availabilities and raw material of all departments. Product 1 Product 2 Product 3 Labor-hours/unit 5 4 Pounds of raw material / unit 15 10 12 Question 4 The supply and demand functions for a product are 4s = p² – 300 and qa = p² – 30p + 2200. Determine the market equilibrium price and quantity.
D and E
Why the answer is 4 hours?
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