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5. Suppose the marginal product of...
Suppose the marginal product of labor is 20 and the marginal product of capital is 30....
Suppose the marginal product of labor is 20 and the marginal product of capital is 30. If the wage rate is $10/hr and the price of capital is $11/hr, then in order to minimize costs the firm should use more labor and less capital use more capital and less labor keep capital and labor usage the same use only capital as much as possible
*provide an explanation/reasoning for each answer The own-wage elasticity of labor demand is higher when no...
*provide an explanation/reasoning for each answer The own-wage elasticity of labor demand is higher when no other inputs can easily be substituted for labor. the demand for the output good is less elastic. the supply of other inputs is more elastic the costs of labor are a smaller share of total production costs. none of the above Another input is more likely to be a substitute for labor if the demand for the output good is less elastic. the supply...
QUESTION 4 The slope of an isocost line shows: the ratio of the marginal revenue product...
QUESTION 4 The slope of an isocost line shows: the ratio of the marginal revenue product of the inputs. O the ratio of marginal product of the inputs. the marginal rate of technical substitution. the ratio of the input prices. the output elasticity of production. QUESTION 5 If the marginal product per dollar spent on capital is less than the marginal product per dollar spent on labor, then in order to minimize costs the firm should use less capital and...
multiple choice: explain why each answer choice is correct or incorrect 5. How are unemployment rates...
multiple choice:
explain why each answer choice is correct or incorrect
5. How are unemployment rates in the United States related to education? a) Unemployment rates are unrelated to education. b) Higher levels of education are associated with higher rates of unemployment. c) Higher levels of education are associated with lower rates of unemployment. d) Unemployment rates are highest for high school dropouts but are unrelated to education for anyone who has a high school degree. e) Unemployment rates for...
Question Completion Status: O all costs. QUESTION 3 Your firm must produce a specified output level....
Question Completion Status: O all costs. QUESTION 3 Your firm must produce a specified output level. The firm uses capital and labor as inputs. If the price of capital is $40, the price of labor is $100, the marginal product of capital is 20, and the marginal product of labor is 40, then: the firm is maximizing profit but not minimizing total cost. O the firm should use less labor and more capital to minimize total cost. 0 the firm...
Name: e xemSon Port I: 30 Multiple Choice Questions (One point for each correct answer) 1....
Name: e xemSon Port I: 30 Multiple Choice Questions (One point for each correct answer) 1. A mathematical expression relating the amount of output produced to quantities of capital and labor utilized is the production function. Suppose the economy's production function is Y- 75x N xK, where K- 1000 and N 20, what happens if both inputs K and N are tripled? a. Y doubles. b. Y triples. c. Y quadruples d. Y is unchanged. 2. An adverse supply shock...
A firm's production function is Q = 70L0.6 K0:3. Its marginal product of labor is thus...
A firm's production function is Q = 70L0.6 K0:3. Its marginal product of labor is thus MP2 = 42L-0.4 0.3 and its marginal product of capital is MPK = 21L0.6 K-0.7. a. What returns to scale does this production function exhibit: constant, increasing, or decreasing? Show mathematically. b. Suppose the wage rate is $12 and the rental rate for capital is $48. Show that the firm is not minimizing cost when it employs 40 workers (L) per day and 15...
Assume the wage rate is w=$2, and the rental rate of capital is r=$7. The marginal...
Assume the wage rate is w=$2, and the rental rate of capital is r=$7. The marginal product of labor is MPL=30, and the marginal product of capital is MPK=90. If the firm wishes to minimize its production costs, and continue to produce the same level of output, it should: a) increase capital, reduce labor b) increase labor, reduce capital c) do nothing d) increase both capital and labor
1)The marginal product of labor is equal to the A. total product divided by the total...
1)The marginal product of labor is equal to the A. total product divided by the total number of workers hired. B. increase in the total product that results from hiring one more worker. C. slope of the marginal product of labor curve. D. None of the above answers are correct. 2) The marginal product of labor is the increase in total product from a A. one dollar increase in the wage rate, while holding the price of capital constant. B....
multiple choice: explain why each answer choice is correct or incorrect 6. Which of the following...
multiple choice:
explain why each answer choice is correct or incorrect
6. Which of the following is NOT a plausible result of an increase in the generosity of benefit payments received under workers' compensation laws? a) The proportion of fraudulent to legitimate claims will increase. b) Employers will attempt to entice their workers back to work earlier. c) Employers will employ more lax workplace safety standards. d) Workers will be more likely to ignore safety standards. e) Employers will hire...
QUESTION 4 The slope of an isocost line shows: the ratio of the marginal revenue product of the inputs. O the ratio of marginal product of the inputs. the marginal rate of technical substitution. the ratio of the input prices. the output elasticity of production. QUESTION 5 If the marginal product per dollar spent on capital is less than the marginal product per dollar spent on labor, then in order to minimize costs the firm should use less capital and...
multiple choice:
explain why each answer choice is correct or incorrect
5. How are unemployment rates in the United States related to education? a) Unemployment rates are unrelated to education. b) Higher levels of education are associated with higher rates of unemployment. c) Higher levels of education are associated with lower rates of unemployment. d) Unemployment rates are highest for high school dropouts but are unrelated to education for anyone who has a high school degree. e) Unemployment rates for...
Question Completion Status: O all costs. QUESTION 3 Your firm must produce a specified output level. The firm uses capital and labor as inputs. If the price of capital is $40, the price of labor is $100, the marginal product of capital is 20, and the marginal product of labor is 40, then: the firm is maximizing profit but not minimizing total cost. O the firm should use less labor and more capital to minimize total cost. 0 the firm...
Name: e xemSon Port I: 30 Multiple Choice Questions (One point for each correct answer) 1. A mathematical expression relating the amount of output produced to quantities of capital and labor utilized is the production function. Suppose the economy's production function is Y- 75x N xK, where K- 1000 and N 20, what happens if both inputs K and N are tripled? a. Y doubles. b. Y triples. c. Y quadruples d. Y is unchanged. 2. An adverse supply shock...
A firm's production function is Q = 70L0.6 K0:3. Its marginal product of labor is thus MP2 = 42L-0.4 0.3 and its marginal product of capital is MPK = 21L0.6 K-0.7. a. What returns to scale does this production function exhibit: constant, increasing, or decreasing? Show mathematically. b. Suppose the wage rate is $12 and the rental rate for capital is $48. Show that the firm is not minimizing cost when it employs 40 workers (L) per day and 15...
multiple choice:
explain why each answer choice is correct or incorrect
6. Which of the following is NOT a plausible result of an increase in the generosity of benefit payments received under workers' compensation laws? a) The proportion of fraudulent to legitimate claims will increase. b) Employers will attempt to entice their workers back to work earlier. c) Employers will employ more lax workplace safety standards. d) Workers will be more likely to ignore safety standards. e) Employers will hire...
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