You run a small farm that grows fresh produce to sell at your roadside stand. You employ workers, you rent land and you rent capital in order to grow the produce. If the marginal product per dollar of capital is $2, the marginal product of labor is 20, the price of labor is $10 and the marginal product of land is 32, what is the price of land?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “You run a small farm that grows fresh produce to sell at your roadside stand. You employ workers, you rent land and you rent capital in ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Both intrinsic and extrinsic risk factors contribute to an older person's vulnerability to falls. which would be considered an intrinsic risk factor?
Answers (1)
When qe2 and operation twist were implemented, the fed suspended its policy of forward commitment. a. True b. False?
Answers (1)
The following information is available for Patrick Products for the year: Budgeted sales during the year 5,000 units Actual sales during the year 4,500 units Budgeted machine hours required for the year 10,000 hours Actual machine-hours during the
Answers (1)
FoodMart Inc. is a grocery supermarket chain with 65 stores in various locations across the country. For the past year, total revenues have been steadily declining, and the management wants to make some changes to try and improve earnings.
Answers (1)
How does competition influence the price of a good to either purchase or produce
Answers (1)
New Questions in Business
Which type of distribution is used when the producer wants more than one, but fewer than all, of the intermediaries who are willing to carry its products? A. exclusive B. selective C. intensive D. administered E. corporate
Answers (1)
Soap Company manufactures soap X and soap Y and can sell all it can make of either. Hours available to produce the products are the constrained resources.
Answers (1)
Sky High Seats manufactures seats for airplanes. The company has the capacity to produce 100,000 seats per year, but currently produces and sells 75,000 seats per year.
Answers (1)
All other things the same, in periods of increasing sales, net operating income will tend to increase more rapidly in a company with high variable costs and low fixed costs than in a company with high fixed costs and low variable costs.
Answers (1)
Greger Peterson is a senior manager at a public accounting firm making a base salary of $180,000 a year ($15,000 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.
Answers (1)