Faced with rising pressure for a $15 per hour minimum wage rate, the farming industry is currently exploring the possible use of robotics to replace some farm workers. the lettuce bot is one such robot; its job is to thin out a field of lettuce, removing the least promising buds of lettuce. by removing these weaker plants, the stronger lettuce plants have more room to grow. assume the following facts: 1. one lettuce bot would do the work of 25 farm workers.2. each farm worker typically works 50 hours on the lettuce thinning process each year.3. each farm worker would earn $15 per hour plus 7.65% payroll tax.4. the lettuce bot is estimated to cost $9,500 plus $1,000 for delivery.5. annual costs of operating the lettuce bot are expected to be $2,500. while the lettuce bot itself may be in workable condition for up to five years, assume that the farm would view its implementation as a one-year experiment. requirementperform a cost-benefit analysis for the first year of implementation to determine whether the lettuce bot would be a financially viable investment if the minimum wage is raised to $15 per hour.

Based on the influence chart below, what are the decision variable(s) for this model? price and elasticity price and fixed cost price elasticity and fixed cost

Aprice ceiling is “binding” if the price ceiling is set below the equilibrium price. suppose that the equilibrium price is $5. if a price ceiling is set at $6, this will not affect the market in any way since $5 remains a legally allowable price (since $5 < $6). a price ceiling of $6 is called a “non-binding” price ceiling. on the other hand, if the price ceiling is set at $4, the price ceiling is “binding” because the natural equilibrium price is $5 but that is no longer allowed. what happens when there is a binding price ceiling? at a price below the equilibrium price, quantity demanded exceeds quantity supplied. there is a shortage. normally, price increases eliminate shortages by increasing quantity supplied and decreasing quantity demanded. in this case, however, price increases are not allowed past the price ceiling. we therefore predict that the observed market price will be right at the price ceiling and there will be a permanent shortage. the observed quantity bought and sold will be dictated by the quantity supplied at the price ceiling. although consumers would like to buy more, there are no more units for sale

Beck company had the following accounts and balances at the end of the year. what is net income or net loss for the year? cash $ 74 comma 000 accounts payable $12,000 common stock $21,000 dividends $12,000 operating expenses $ 13 comma 000 accounts receivable $ 49 comma 000 inventory $ 47 comma 000 longminusterm notes payable $33,000 revenues $ 91 comma 000 salaries payable $ 30 comma 000