Homework Answers
Profit from an additional worker is equal to the revenue - the worker's wage
option(C)
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Question 6 (1 point) The profit from an additional worker is equal to which value? 90...
To maximize profit, a firm will hire workers when the in revenue from hiring an additional worker the worker's wage. O increase; is greater than O decrease; is less than or equal to O increase; i...
To maximize profit, a firm will hire workers when the in revenue from hiring an additional worker the worker's wage. O increase; is greater than O decrease; is less than or equal to O increase; is less than or equal to O decrease, is greater than
To maximize profit, a firm will hire workers when the in revenue from hiring an additional worker the worker's wage. O increase; is greater than O decrease; is less than or equal to O...
What is the marginal product of the second worker?
Question 48 Refer to Table 18-1. What is the marginal product of the second worker? Question 49 The production function is the increase in the amount of output from an additional unit of labor influenced by the productivity of workers. the marginal revenue produce minus the wage rate paid to workers. All of the above are correct
A firm is profit maximizing when O it pays less than the market wage it produces...
A firm is profit maximizing when O it pays less than the market wage it produces as many units of output as it can it has maximized the difference between marginal revenue and marginal cost the additional revenue generated from the last worker hired just equals the wage.
A firm is unlikely to hire a worker if: A. the additional output a firms gets...
A firm is unlikely to hire a worker if: A. the additional output a firms gets by hiring the worker is greater than his or her wage. B. there are diminishing marginal returns to labor. C. the minimum wage set by law is less than the equilibrium wage in the market. D. the additional revenue generated by hiring the worker is less than his or her wage. In a competitive labor market, the equilibrium wage rate is determined by: A....
Question 55 1 pts If the value of the marginal product of labor exceeds the wage,...
Question 55 1 pts If the value of the marginal product of labor exceeds the wage, then the firm could increase profit by hiring additional labor. increase profit by reducing the amount of labor hired. increase revenue by lowering output. O reduce total cost by hiring additional workers. Question 56 1 pts Diminishing marginal product suggests that
need help with all of them Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from...
need help with all of them
Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
Question 9 (1 point) Labor 0 0 Using the above table, the hiring of which worker...
Question 9 (1 point) Labor 0 0 Using the above table, the hiring of which worker marks the start of the law of diminishing returns? OA) 1st worker (moving from 0 to 1) O B) 2nd worker (moving from 1 to 2) O C) 3rd worker (moving from 2 to 3) OD) 4th worker (moving from 3 to 4) OE) 5th worker (moving from 4 to 5)
100 90 1 2. BO 70 60 COST 50 40 30 20 10 D MR 25...
100 90 1 2. BO 70 60 COST 50 40 30 20 10 D MR 25 35 45 50 1 60 55 OUTPUT Curve 1 should be labeled Curve 2 should be labeled Firms maximize profit where The profit maximizing price for the firm is while the profit maximizing output for the firm is (approximations are fine) Question 27 2 pts Why should a firm never hire a worker when negative marginal returns exist? Hiring an additional worker will increase...
Consider a competitive firm that produces bots. Labor (L) and capital (K) are the only two...
Consider a competitive firm that produces bots. Labor (L) and capital (K) are the only two inputs of production; each unit of labor is paid the market wage (w), and each unit of capital is rented at the rental price of capital (r). Output (Y) is therefore a function of labor and capital, or Y = f (K, L), and is sold at the market price (P). The goal of this firm is to maximize profit given the price of...
Homework HELP ME Please.
1.Profit is equal to revenue minus cost, where revenue equals price times quantity of output, while cost equals the wage rate times employment (assuming wages are the only cost of production). Assume that, on average, each firm produces 100 units of output a day, employs 90 workers, and pays a wage of $100 a day. a) As the price of output rises from $80 to $90, $100, $110, and $120, show how the profitability of firms changes. b) At which...
To maximize profit, a firm will hire workers when the in revenue from hiring an additional worker the worker's wage. O increase; is greater than O decrease; is less than or equal to O increase; is less than or equal to O decrease, is greater than
To maximize profit, a firm will hire workers when the in revenue from hiring an additional worker the worker's wage. O increase; is greater than O decrease; is less than or equal to O...
Question 48 Refer to Table 18-1. What is the marginal product of the second worker? Question 49 The production function is the increase in the amount of output from an additional unit of labor influenced by the productivity of workers. the marginal revenue produce minus the wage rate paid to workers. All of the above are correct
A firm is profit maximizing when O it pays less than the market wage it produces as many units of output as it can it has maximized the difference between marginal revenue and marginal cost the additional revenue generated from the last worker hired just equals the wage.
Question 55 1 pts If the value of the marginal product of labor exceeds the wage, then the firm could increase profit by hiring additional labor. increase profit by reducing the amount of labor hired. increase revenue by lowering output. O reduce total cost by hiring additional workers. Question 56 1 pts Diminishing marginal product suggests that
need help with all of them
Question 6 (1 point) In perfect competition, marginal revenue is the change in revenue from selling an additional unit of output the revenue in excess of what can be earned in the next-best alternative the last dollar needed to make zero economic profit the extra revenue generated by a $1 change in price the last dollar needed to make maximum profit Question 7 (1 point) In which of the following situations should a profit-maximizing...
Question 9 (1 point) Labor 0 0 Using the above table, the hiring of which worker marks the start of the law of diminishing returns? OA) 1st worker (moving from 0 to 1) O B) 2nd worker (moving from 1 to 2) O C) 3rd worker (moving from 2 to 3) OD) 4th worker (moving from 3 to 4) OE) 5th worker (moving from 4 to 5)
100 90 1 2. BO 70 60 COST 50 40 30 20 10 D MR 25 35 45 50 1 60 55 OUTPUT Curve 1 should be labeled Curve 2 should be labeled Firms maximize profit where The profit maximizing price for the firm is while the profit maximizing output for the firm is (approximations are fine) Question 27 2 pts Why should a firm never hire a worker when negative marginal returns exist? Hiring an additional worker will increase...
Consider a competitive firm that produces bots. Labor (L) and capital (K) are the only two inputs of production; each unit of labor is paid the market wage (w), and each unit of capital is rented at the rental price of capital (r). Output (Y) is therefore a function of labor and capital, or Y = f (K, L), and is sold at the market price (P). The goal of this firm is to maximize profit given the price of...
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