What would the total labor cost be

Assignment Help Microeconomics
Reference no: EM13950391

A team of three laborers in Mongolia makes rugs by hand for export to the United States. The team makes 12 rugs per year working 14 hours a day, six days a week, 50 weeks a year. Each laborer is paid a wage equivalent of $1.10 per day.

The materials for each rug cost $50, and the company that sells the rugs has fixed costs of $10,000 per year for things such as energy, rent, and administrative and shipping costs.

Each rug sold for $2000 in the United States.

Total Labor Cost

Total Materials Cost

Fixed Costs

Total Revenue

Profit







If a team of three workers, each making the U.S. federal minimum wage, produced these 12 rugs, what would the total labor cost be? Don't forget that these workers would be working overtime.

Reference no: EM13950391

Questions Cloud

Rates of exergy transfer accompanying heat transfer : Plot the following quantities, each in kW, versus L ranging from 0.01 to 1 m: the rate of conduction through the rod, the rates of exergy transfer accompanying heat transfer into and out of the rod, and the rate of exergy destruction. Let T0 5 300..
What is the unpaid balance on the current after five years : What hourly charge should be included to pay off the computer, assuming 2,000 hours work per year, credited at the end of year?
Electricity supplied to the water heater : Perform a full exergy accounting, in kJ, of the electricity supplied to the water heater. Model the water as incompressible with a specific heat c 5 4.18 kJ/kg ? K. Let T0 5 23°C.
Completing the gibb and dyches workbook : After completing the Gibb and Dyches workbook, write a summary of at least 150 words for each section (for a total of at least 1,200 words)
What would the total labor cost be : If a team of three workers, each making the U.S. federal minimum wage, produced these 12 rugs, what would the total labor cost be? Don't forget that these workers would be working overtime.
Able to build its dominant position in fast : The total number of pages for this assignment right up to 5 pages only the assignment has to be typed in times roman 12 inches font size and DoubleSpaced you can provide charlottes tables and references after page 5 if the analysis exceed five pa..
Electricity supplied to the water heater : Perform a full exergy accounting, in kJ, of the electricity supplied to the water heater. Model the water as incompressible with a specific heat c 5 4.18 kJ/kg ? K. Let T0 5 23°C.
Product of the heat transfer coefficient : The product of the heat transfer coefficient h and outer surface area A is 35 Btu/h ? °R. For the gearbox,
Operating at steady state : A gearbox operating at steady state receives 2 hp along the input shaft and delivers 1.89 hp along the output shaft. The outer surface of the gearbox is at 110°F. For the gearbox,

Reviews

Write a Review

 

Microeconomics Questions & Answers

  Economic concept of couponing

What key economic concepts underlie the employ of discount coupons by businesses?

  What kinds of all-or-nothing thinking have you detected

1. Do you agree with the necessity for autonomy as defined by the cognitive theorists Why or why not 2. What kinds of all-or-nothing thinking have you detected in yourself? How will you stop it

  How much control do health care consumers have over the

how much control do health care consumers have over their choices in the health care market? think about choice of

  Explain one recent price change that you have noticed while

discuss one recent price change that you have noticed while visiting your local supermarket. determine whether or not

  What are the profit-maximizing price and output levels

What are the profit-maximizing price and output levels? Explain them and calculate algebraically for equilibrium P (price) and Q (output). Then, plot the MC (marginal cost), D (demand), and MR (marginal revenue) curves graphically and illustrate t..

  Two transactions add to personal consumption expenditures

Assume that a grower of flower bulbs sells its annual output of bulbs to an Internet retailer for $80,000. The retailer, in turn, brings in $125,000 from selling the bulbs directly to final customers.

  What is the equilibrium for this advertising strategy game

Does Budweiser have a dominant strategy and what is the equilibrium for this advertising strategy game? That is, in which cell will the firms end up?

  What approach did each of the countries take and what was

do some research and find the fiscal policy approach used by the u.s. china germany and the u.k. from 2008 until

  Production possibilities curve

The production possibilities curve represents the set of all and the opportunity cost of a glove in Panama - an airplane manufacturing consortium in Europe, which receives large subsidies from several European countries.

  Characteristics of britain economic relationship with india

Discuss the characteristics of Great Britain's economic relationship with India in the 17th and 18th centuries? How would you describe their success in their competition with Dutch?

  The beginning of the book

Small businessmen, such as Archie was at the beginning of the book, are often idolized in our society. Americans are much more ambivalent about "big business," often seeing large businesses as both important (source of jobs) but predatory and overly ..

  Determine the least cost size

Determine the least cost size and number of the milk processing plant using the equation and Derive the marginal cost for the two products 1&2 and show that it is a constant.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd