resource prices room a significant determinant of money incomes;resource price allocate scarce resources among alternative uses;resource prices, follow me with resource productivity, are important to this firm in minimizing your costs.


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In the unified States, experienced football players earn much greater incomes than professional soccer players. This wake up because:
Assume job is the only variable input and also that an additional input of job increases complete output native 72 come 78 units. If the product sells because that $6 every unit in a purely competitive market, the MRP that this extr worker is:
If one worker deserve to pick $30 precious of grapes and also two workers together can pick $50 precious of grapes, the:
Answer the question on the communication of the adhering to information: Harry own a barber shop and also charges $6 per haircut. By hiring one barber at $10 every hour, the shop can administer 24 haircuts per eight-hour day. By hiring a 2nd barber in ~ the exact same wage rate, the shop deserve to now provide a full of 42 haircut per day.Refer come the provided information. The MP that the 2nd barber is:
Answer the concern on the basis of the adhering to information: Harry owns a barber shop and charges $6 every haircut. By rental one barber in ~ $10 per hour, the shop can administer 24 haircuts per eight-hour day. By rental a 2nd barber in ~ the exact same wage rate, the shop have the right to now administer a complete of 42 haircut per day.Refer come the offered information. The MRP the the 2nd barber is:
If the profit-maximizing ascendancy is fulfilled, the necessarily complies with that the cost-minimization ascendancy is gift fulfilled.
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