1) True or False? If one resource input such as labor increases the value of output...
1) True or False?
If one resource input such as labor increases the value of output more than an equal input from capital (on a cost basis), then more workers should be hired.
2) A firm would operate for maximum profit where the MFC = _________.
a. MFC
b. MRP
c. ATC
d. AVC
Homework Answers
Answer:
As per the given data and information
The Correct option & answer is 'False'.
Add Answer to:
1) True or False?
If one resource input such as labor increases the value of
output...
1. If an increase in the price of cars increases the marginal revenue product of auto...
1. If an increase in the price of cars increases the marginal revenue product of auto workers, then _____________ in the demand for their labor will occur. a. no change b. an increase c. a decrease d. none of the above 2) A firm would operate for maximum profit where the MFC = _________. a. MFC b. MRP c. ATC d. AVC
Factor Market Practice FRQ Cleanlt is a competitive labor market. perfectly competitive, profit-maximizing trash collection firm. Cleanlt hires workers in a perfectly Draw side-by-side graphs for...
Factor Market Practice FRQ Cleanlt is a competitive labor market. perfectly competitive, profit-maximizing trash collection firm. Cleanlt hires workers in a perfectly Draw side-by-side graphs for the labor market and for Cleanit and show each of the following. a. e market wage, labeled Wm, and the quantity of workers hired in the market, labeled Lm i. The marginal factor (resource) cost curve, labeled MFC ili. The marginal revenue product curve, labeled MRP iv. The wage paid by the firm, labeled...
Show work pretty please. 30. Average total cost a. b. c. d. e. increases as output...
Show work pretty please.
30. Average total cost a. b. c. d. e. increases as output increases. decreases as output increases. increases if marginal cost is increasing increases if marginal cost is greater than average total cost. both c and d 31. Amonopolist which suffers losses in the short run will continue to operate as long as total revenue covers fixed cost. raise price in order to eliminate losses exit in the long run if there is no plant size...
1a) Consider an economy where output is produced using just labor as input. Output is sold...
1a) Consider an economy where output is produced using just labor as input. Output is sold at $10 per unit and the marginal product of labor for each worker hired is expressed as MPL=10-2L. If each worker is paid $40, what would be the total profit of the profit-maximizing entrepreneur? a. $40 b. $60 c. $0 1b) Consider an economy where output is produced using just labor as input. Output is sold at $10 per unit and the marginal product...
1. If the firm is a price taker in the input market, the resource cost of...
1. If the firm is a price taker in the input market, the resource cost of an input is which of the following? A. It is equal to the marginal cost. B. It equals the market price for the resource. C. It is not equal to the market price. D. It is not equal to the marginal physical product 2. Profit maximizing firms must do which of the following? A. Use more than enough resources to equalize marginal revenue product...
Explain the rule for determining the optimal resource use for a single resource or input and...
Explain the rule for determining the optimal resource use for a single resource or input and determine the optimal amount of labor, given that each output sells at $2 and labor is $26 per unit. Labor Output MP MRP MRC 0 0 *** *** *** 1 22 2 38 3 52 4 62 5 70 2. Explain the rule for determining the optimal use of a multiple resources when minimizing costs, then determine the least cost manner of producing 138...
A firm which uses just one input, zeds, faces market supply function wz = 50 +...
A firm which uses just one input, zeds, faces market supply function wz = 50 + Z, where Z is the quantity of zeds used, wz is the factor price per unit Z, and a marginal revenue product of MRP = 650 - Z. What is the equilibrium quantity and price of zeds purchased by the firm a) if the firm is a monopsonist? b) if the firm is operating in perfectly competitive input and output markets? 2. If...
Explain the rule for determining the optimal resource use for a single resource or input and dete...
Explain the rule for determining the optimal resource use for a single resource or input and determine the optimal amount of labor, given that each output sells at $2 and labor is $26 per unit. Labor Output MP MRP MRC 0 0 *** *** *** 1 22 2 38 3 52 4 62 5 70 2. Explain the rule for determining the optimal use of a multiple resources when minimizing costs, then determine the least cost manner of producing 138...
· Question 7 In the break-even analysis, a lower average variable cost (AVC): Will result in a higher break-even output Will result in a lower break-even output Will result in either...
· Question 7 In the break-even analysis, a lower average variable cost (AVC): Will result in a higher break-even output Will result in a lower break-even output Will result in either a lower or higher break-even output Will lower the contribution margin ratio · Question 8 In the break-even analysis where AVC is assumed to be constant, at each output, AVC and MC are equal AVC is greater than MC AVC is less than MC AVC can be greater or...
Question 31 1 pts A firm produces automobiles using labor as its variable input. The output...
Question 31 1 pts A firm produces automobiles using labor as its variable input. The output per labor hour is one automobile and each additional labor hour could produce two additional automobiles. Suppose that the firm increases its labor hours. Is this a sound economic decision? No, since average product of labor (APL) would decrease. Yes, since average product of labor (APL) is at a maximum. No, since marginal cost (MC) is at a minimum. Yes, since average variable cost...
Factor Market Practice FRQ Cleanlt is a competitive labor market. perfectly competitive, profit-maximizing trash collection firm. Cleanlt hires workers in a perfectly Draw side-by-side graphs for the labor market and for Cleanit and show each of the following. a. e market wage, labeled Wm, and the quantity of workers hired in the market, labeled Lm i. The marginal factor (resource) cost curve, labeled MFC ili. The marginal revenue product curve, labeled MRP iv. The wage paid by the firm, labeled...
Show work pretty please.
30. Average total cost a. b. c. d. e. increases as output increases. decreases as output increases. increases if marginal cost is increasing increases if marginal cost is greater than average total cost. both c and d 31. Amonopolist which suffers losses in the short run will continue to operate as long as total revenue covers fixed cost. raise price in order to eliminate losses exit in the long run if there is no plant size...
Question 31 1 pts A firm produces automobiles using labor as its variable input. The output per labor hour is one automobile and each additional labor hour could produce two additional automobiles. Suppose that the firm increases its labor hours. Is this a sound economic decision? No, since average product of labor (APL) would decrease. Yes, since average product of labor (APL) is at a maximum. No, since marginal cost (MC) is at a minimum. Yes, since average variable cost...
Most questions answered within 3 hours.
-
You are going to sell fruits & vegetables at a local
roadside market. List separately and...
asked 13 minutes ago -
Hows does water affect the digestion of fats ?
asked 2 hours ago -
A buffer that contains 0.41 M of a base, B and 0.21 M of its
conjugate...
asked 2 hours ago -
Pleaaaaaaaasssssse help me please please it's more important
:((((((((((((((((((((
CASE STUDY
Nissan Company
Nissan Motor Company,...
asked 2 hours ago -
Calculate the concentration of hydronium and hyroxide ions in 1)
2.0 mol/L HNO3 2) 0.5 mol/L...
asked 2 hours ago -
In a loop-the-loop ride a car goes around a vertical, circular
loop at a constant speed....
asked 2 hours ago -
50 grams each of water (18.015 g/mol) and ethylene glycol
(C2H6O2) (62.07 g/mol) are mixed. At...
asked 3 hours ago -
The life expectancy of sport utility vehicles follows a normal
distribution with a mean of 145.8...
asked 3 hours ago -
If an object with mass of 5 kg is pushed with a force of 552 N,...
asked 3 hours ago -
Suppose your program already has a list called nums, which
contains several numbers. Write a for...
asked 3 hours ago -
A spherical shell with a finite thickness just barely floats in
water. If the shell is...
asked 3 hours ago -
Explain in detail whether the following is true or false:
Total factor productivity will rise only...
asked 3 hours ago