« previous next »

Author Question: In a certain textile firm, labor is the only short term variable input. The manager notices that the ... (Read 64 times)

jazziefee

  • Hero Member
  • *****
  • Posts: 505
on: Jul 1, 2018
In a certain textile firm, labor is the only short term variable input. The manager notices that the marginal product of labor is the same for each unit of labor, which implies that
 
  A) the average product of labor is always greater that the marginal product of labor
  B) the average product of labor is always equal to the marginal product of labor
  C) the average product of labor is always less than the marginal product of labor
  D) as more labor is used, the average product of labor falls
  E) there is no unambiguous relationship between labor's marginal and average products.

Question 2

The point price elasticity of demand for red herring is -4. The demand curve for red herring is: Q = 120 - P. What is the price of red herring?
 
  A) 96
  B) 80
  C) 100
  D) 120
  E) none of the above


frre432

  • Sr. Member
  • ****
  • Posts: 347
Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

A


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Anesthesia awareness is a potentially disturbing adverse effect wherein patients who have been paralyzed with muscle relaxants may awaken. They may be aware of their surroundings but unable to communicate or move. Neurologic monitoring equipment that helps to more closely check the patient's anesthesia stages is now available to avoid the occurrence of anesthesia awareness.

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

One way to reduce acid reflux is to lose two or three pounds. Most people lose weight in the belly area first when they increase exercise, meaning that heartburn can be reduced quickly by this method.

Did you know?

The first oncogene was discovered in 1970 and was termed SRC (pronounced "SARK").

Did you know?

Patients who cannot swallow may receive nutrition via a parenteral route—usually, a catheter is inserted through the chest into a large vein going into the heart.

The rate of evolution in short­ and long­lived plants The rate of evolution in short­ and long­lived plants
The Role of the Hippocampus and Cerebral Cortex in Long-Term Memory Storage The Role of the Hippocampus and Cerebral Cortex in Long-Term Memory Storage
Long-term Potentiation in the granule cell layer of the rat hippocampal dentate gyrus. (Traces ... Long-term Potentiation in the granule cell layer of the rat hippocampal dentate gyrus. (Traces ...
Basic two-handed kneading. Tissues are lifted with the whole hand in firm contact. Basic two-handed kneading. Tissues are lifted with the whole hand in firm contact.
Three Pieces of the Long-Term Weight-Loss Puzzle Diet Three Pieces of the Long-Term Weight-Loss Puzzle Diet
Overallocation of Labor to Sector 1 Overallocation of Labor to Sector 1
Video: Mendel's Principles of Inheritance (Father of Genetics)

For a complete list of videos, visit our video library