Suppose that a profit-maximizing firm in a competitive market hires labor up to the point at which the value of the marginal product equals the wage and that labor is the only variable input. The price of the product is $150 per unit. If the firm pays a wage of $700 per week and the marginal product of labor equals 20 units per week, then the marginal cost of producing an additional unit of output is:

According to the law of demand, there is an inverse relationship between price and quantity demanded. that is, the demand curve for goods and services slopes downward. why?

Which feature is a characteristic of a corporation?

The smelting department of kiner company has the following production and cost data for november. production: beginning work in process 3,700 units that are 100% complete as to materials and 23% complete as to conversion costs; units transferred out 10,500 units; and ending work in process 8,100 units that are 100% complete as to materials and 41% complete as to conversion costs. compute the equivalent units of production for (a) materials and (b) conversion costs for the month of november. materials conversion costs total equivalent units