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A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If this craftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is -
- a)Rs 50
- b)Rs 850
- c)Rs 800
- d)Rs 100
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 ...
Marginal cost is the change in the opportunity cost that arises when the quantity produced is incremented by one unit, that is, it is the cost of producing one more unit of a good.
Total amount paid to 8 craftsman before demand of 9th craftsman = 8 ×400
=3200
Total amount paid to 9 craftsman after demand of 9th craftsman =9×450
=4050
Marginal cost=4050-3200
=850
Total amount paid to 8 craftsman before demand of 9th craftsman = 8 ×400
=3200
Total amount paid to 9 craftsman after demand of 9th craftsman =9×450
=4050
Marginal cost=4050-3200
=850
Most Upvoted Answer
A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 ...
Understanding the Problem
In a hand-made paper workshop, the initial scenario involves hiring 8 craftsmen at Rs 400 each. If the 9th craftsman is hired, he demands Rs 450, which forces the workshop to increase the wages of all craftsmen to Rs 450.
Calculating the Total Cost
- Initial Cost for 8 Craftsmen:
- Cost = 8 craftsmen x Rs 400 = Rs 3200
- Cost with 9 Craftsmen:
- All craftsmen (including the new one) are paid Rs 450.
- Total Cost = 9 craftsmen x Rs 450 = Rs 4050
Marginal Resource Cost (MRC)
To find the marginal resource cost of hiring the 9th craftsman, we need to calculate the increase in total cost when the 9th craftsman is hired.
- Increase in Total Cost:
- New Total Cost - Initial Total Cost = Rs 4050 - Rs 3200 = Rs 850
Conclusion
The marginal resource cost of hiring the 9th craftsman is the total additional cost incurred when he is added, which is Rs 850. Thus, the correct answer is option 'B'.
This analysis highlights how hiring one additional craftsman impacts the overall wage structure and total expenditure of the workshop.
In a hand-made paper workshop, the initial scenario involves hiring 8 craftsmen at Rs 400 each. If the 9th craftsman is hired, he demands Rs 450, which forces the workshop to increase the wages of all craftsmen to Rs 450.
Calculating the Total Cost
- Initial Cost for 8 Craftsmen:
- Cost = 8 craftsmen x Rs 400 = Rs 3200
- Cost with 9 Craftsmen:
- All craftsmen (including the new one) are paid Rs 450.
- Total Cost = 9 craftsmen x Rs 450 = Rs 4050
Marginal Resource Cost (MRC)
To find the marginal resource cost of hiring the 9th craftsman, we need to calculate the increase in total cost when the 9th craftsman is hired.
- Increase in Total Cost:
- New Total Cost - Initial Total Cost = Rs 4050 - Rs 3200 = Rs 850
Conclusion
The marginal resource cost of hiring the 9th craftsman is the total additional cost incurred when he is added, which is Rs 850. Thus, the correct answer is option 'B'.
This analysis highlights how hiring one additional craftsman impacts the overall wage structure and total expenditure of the workshop.
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A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If this craftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is -a)Rs 50b)Rs 850c)Rs 800d)Rs 100Correct answer is option 'B'. Can you explain this answer?
Question Description
A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If this craftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is -a)Rs 50b)Rs 850c)Rs 800d)Rs 100Correct answer is option 'B'. Can you explain this answer? for Teaching 2025 is part of Teaching preparation. The Question and answers have been prepared according to the Teaching exam syllabus. Information about A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If this craftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is -a)Rs 50b)Rs 850c)Rs 800d)Rs 100Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Teaching 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If this craftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is -a)Rs 50b)Rs 850c)Rs 800d)Rs 100Correct answer is option 'B'. Can you explain this answer?.
A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If this craftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is -a)Rs 50b)Rs 850c)Rs 800d)Rs 100Correct answer is option 'B'. Can you explain this answer? for Teaching 2025 is part of Teaching preparation. The Question and answers have been prepared according to the Teaching exam syllabus. Information about A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If this craftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is -a)Rs 50b)Rs 850c)Rs 800d)Rs 100Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Teaching 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If this craftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is -a)Rs 50b)Rs 850c)Rs 800d)Rs 100Correct answer is option 'B'. Can you explain this answer?.
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