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If a firm hires labor for $12000 pays rent of $4000 pays $800 interest buys raw materials for $13000 earns profits of $1200 and sells its output for $31000 the total amount earned by factors of production at this firm is____________.

Respuesta :

Answer:

$16800

Explanation:

Given:

Paid to labor = $12,000 (labor factor)

Paid rent = $4,000 (land factor)

Interest paid = $800 (capital factor)

Computation of total amount earned by production factor:

Total amount earned by production factor = Paid to labor factor + Paid to land factor + Paid to capital factor

= $12,000 + $4,000 + $800

= $16,800

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