l a piece ol land and the interest rate lat is thè present value of that land? 6
ID: 1130976 • Letter: L
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l a piece ol land and the interest rate lat is thè present value of that land? 6. George found out that he can purchase an asset that is guaranteed to pay $875 in a single payment in five years. If the interest rate is 5%, the present value of the future payment is: Suppose the postal service in a small city plans to hire an additional mail carrier at a wage rate of $20 per hour. Currently, this city employs 10 mail carriers at $19 per hour. The marginal factor cost of hiring the 11th mail carrier is__per hour 7. 8. (Figure below) A competitive firm hires_ workers and pays them_wage. What will the competitive firm in the product market that is a monopsonist in the input market (as shown in the figure) set as its amounts for labor and wages? Labar The key lesson to remember about wages in the competitive labor market is that competitive input (factor) markets are the precisely the value of their marginal products and the highest employment results. This efficient, since inputs in these markets are paid nslates into theP efficient production.Explanation / Answer
7.
total factor cost for 10 workers=10*19=190
total factor cost for 11 workerts=10*19+20=210
marginal factor cost for 11th worker=change in total costs/change in number of workers=(210-190)/(11-10)=20 is the answer
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