Answer:
7 workers will be required
Explanation:
We will define actual time required to do a job
= Standard time required for producing each unit x Worker efficiency (%)/100
= 11.65 x 115/100
= 13.3975 minutes
Total available minutes in 4 days = 4 days x 8 hours/ day x 60 minutes / day = 1920 minutes
Therefore ,
Number of units which can be produced by 1 worker in 4 days = 1920 /13.3975
Number of units to be produced = 1000 units
Therefore,
Number of workers required
= Number of units to be produced / Number of units which can be produced by 1 worker in 4 days
= 1000 x ( 13.3975 /1920)
= 6.977 ( 7 rounded to nearest whole number )
Answer:
a) Y = 500
b) Wages: 2.5
Rental price: 2.5
c) labor Share of output: 0.370511713 = 37.05%
Explanation:
if K = 100 and L = 100
Y = 500
wages: marginal product of labor = value of an extra unit of labor
dY/dL (slope of the income function considering K constant while L variable)
With K = 100 and L = 100
Y' = 2.5
rental: marginal product of land = value of an extra unit of land
dY/dK (slope of the income function considering K variable while L constant)
L = 100 K = 100
Y' = 2.5
c) we use logarithmic properties:
50 was the land while 10 the labor
2.698970004 = 1.698970004 + 1
share of output to labor: 1/2.698970004 = 0.370511713
Answer:
b. Used to estimate how fast prices will double using a given annual inflation rate
Explanation:
Rule of 72 is a fast statistical method to determine how long an investment will double given annual interest rate.
Simply divide 72 by the annual interest rate.
Alternatively it can be used to calculated annual rate of return required to double investment.
Alternatively it can be used to calculate annual rate of return required to double an investment.
For example if $1,000 is to be doubled in 5 years.
Years to double= 72/ Interest
Interest= 72/5= 14.4%
Contribution is the difference between the Sales per unit and the variable cost per unit. When the selling price reduced to $6 per unit,
Contribution per unit = Sales per unit - Variable Cost per unit
Contribution per unit = $6 - ($6*0.6)
Contribution per unit = $2.4 per unit.
Now, the contribution margin ratio = Contribution per unit / Sales per unit
Contribution Margin Ratio = $2.4 / $6
Contribution Margin Ratio = 0.4 or 40%
Contribution Margin ratio when the sales price is $6 per unit is 40%.
Answer:
There is a drought and very few strawberries are available. More people want the strawberries than there are berries available. The price of strawberries increases dramatically. A huge wave of new, unskilled workers come to a city and all of the workers are willing to take jobs at low wages.
Explanation:
Hope this helps- Good Luck! ^w