A farmer owns 50 bee hives. The farmer is able to produce 2,000 pounds of honey when he hires 2 workers. He is able to produce 4,000 pounds of honey when he hires 3 workers. Which of the following possibilities is consistent with the property of diminishing marginal product?A. The farmer is able to produce 5,800 pounds of honey when he hires 4 workers.
B. The farmer is able to produce 5,600 pounds of honey when he hires 4 workers.
C. The farmer is able to produce 6,000 pounds of honey when he hires 4 workers.
D. Any amount over 6,000 pounds would be consistent with diminishing marginal product.
E. None of the above is correct

Match the type of agreements to their descriptions. will trust living will prenuptial agreement

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a.what is the firm’s labor demand function? b.if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c.now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]

At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)