Answered: A firm produces and sells a good for…

A firm produces and sells a good for $95. To produce this good they purchased materials for $11, they paid wages of $31, and they paid rent of $15. What is the firm's value added?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 1SCQ: A firm had sales revenue of 1 million last year. It spent 600,000 on labor, 150,000 on capital and...

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A firm produces and sells a good for $95. To produce this good they purchased materials for $11,
they paid wages of $31, and they paid rent of $15. What is the firm's value added?
Enter a whole number with no dollar sign.

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