resource prices space a major determinant of money incomes;resource price allocate scarce resources among alternate uses;resource prices, follow me with source productivity, are vital to that company in minimizing their costs.


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In the joined States, professional football players knife much greater incomes than skilled soccer players. This occurs because:
Assume job is the only variable input and also that an additional input of job increases total output native 72 come 78 units. If the product sells because that $6 per unit in a purely competitive market, the MRP that this additional worker is:
If one worker deserve to pick $30 worth of grapes and two workers together can pick $50 worth of grapes, the:
Answer the concern on the communication of the adhering to information: Harry own a barber shop and also charges $6 every haircut. By rental one barber at $10 per hour, the shop can provide 24 haircuts per eight-hour day. By hiring a 2nd barber in ~ the very same wage rate, the shop have the right to now administer a complete of 42 haircuts per day.Refer come the provided information. The MP that the 2nd barber is:
Answer the inquiry on the communication of the complying with information: Harry owns a barber shop and charges $6 per haircut. By hiring one barber at $10 every hour, the shop can administer 24 haircuts per eight-hour day. By rental a second barber at the same wage rate, the shop deserve to now administer a full of 42 haircuts per day.Refer to the given information. The MRP of the 2nd barber is:
If the profit-maximizing dominance is fulfilled, that necessarily follows that the cost-minimization preeminence is being fulfilled.
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