7 workers work in a printing press. Each gets paid Rs 450 per day. The 8th worker demands Rs 500 per day. If this worker is hired then all other workers must be paid Rs 500. The marginal resource (labour) cost of the 8th worker is _______.
If the fixed costs of a factory producing candles is Rs 20,000, selling price is Rs 30 per dozen candles and variable cost is Rs 1.5 per candle, what is the break-even quantity?
Calculate the economic profit for a firm if it's total revenues are Rs. 35 crores, explicit costs are Rs. 7 crores, and implicit costs are Rs. 10 crores.
If price of an article decreases from Rs 40 to Rs 30, quantity demanded increases from Q1 units to 7500 units. If point elasticity of demand is -1 find Q1?