Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if each is equipped with a shovel, a machete, and a chainsaw. clearing one acre brings in $1,400 in revenue. each worker’s equipment costs the worker’s employer $210 per month to rent and each worker toils 40 hours per week for 4 weeks each month. instructions: in part a, enter your answer as a whole number. in parts b-e, round your answers to 2 decimal places. a. what is the marginal revenue product of hiring one low-skilled worker to clear woodland for one month? b. how much revenue per hour does each worker bring in? c. if the minimum wage were $8.70, would the revenue per hour in part b exceed the minimum wage? a. yes b. noif so, by how much per hour? d. consider the employer’s total costs. these include the equipment costs as well as a normal profit of $50 per acre. if the firm pays workers the minimum wage of $8.70 per hour, what will the firm’s economic profit or loss be per acre? the firm's (click to select) (loss profit) per acre will be: e. at what value would the minimum wage have to be set so that the firm would make zero economic profit from employing an additional low-skilled worker to clear woodland?

Price and efficiency variances, journal entries. the schuyler corporation manufactures lamps. it has set up the following standards per finished unit for direct materials and direct manufacturing labor: direct materials: 10 lb. at $4.50 per lb. $45.00 direct manufacturing labor: 0.5 hour at $30 per hour 15.00 the number of finished units budgeted for january 2017 was 10,000; 9,850 units were actually produced. actual results in january 2017 were as follows: direct materials: 98,055 lb. used direct manufacturing labor: 4,900 hours $154,350 assume that there was no beginning inventory of either direct materials or finished units. during the month, materials purchased amounted to 100,000 lb., at a total cost of $465,000. input price variances are isolated upon purchase. input-efficiency variances are isolated at the time of usage. 1. compute the january 2017 price and efficiency variances of direct materials and direct manufacturing labor. 2. prepare journal entries to record the variances in requirement 1. 3. comment on the january 2017 price and efficiency variances of schuyler corporation. 4. why might schuyler calculate direct materials price variances and direct materials efficiency variances with reference to different points in time

Which of the following is the best example of substitution? a. movie producers begin making more comedies because they cost less to make than action films. b. people walk out before the end of a movie because the acting and the plot are terrible. c. people at the movie theater switch from popcorn to candy because popcorn has gotten too expensive. d. more people begin going to matinee movies instead of night movies to save money on the tickets.

Now, use your previously-computed value as an approximation for sigma, and compute how many ears of the experimental corn the researcher needs in the study. don't forget, the margin of error and confidence level have already been given to you in a previous problem.