This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: If the market for labor is perfectly competitive, the profit maximizing level of labor occurs where ... (Read 74 times)

cdr_15

  • Hero Member
  • *****
  • Posts: 546
on: Jul 1, 2018
If the market for labor is perfectly competitive, the profit maximizing level of labor occurs where
 
  A) MRPL < W (the wage).
  B) MRPL = P (the output price).
  C) MRPL just exceeds W.
  D) MRPL = W.
  E) none of the above

Question 2

Suppose that the price of labor (PL) is 10 and the price of capital (PK) is 20. What is the equation of the isocost line corresponding to a total cost of 100?
 
  A) PL + 20PK
  B) 100 = 10L + 20K
  C) 100 = 30(L+K)
  D) 100 + 30 (PL + PK)
  E) none of the above


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

verrinzo

  • Sr. Member
  • ****
  • Posts: 346
Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

B


cdr_15

  • Member
  • Posts: 546
Reply 2 on: Jul 1, 2018
YES! Correct, THANKS for helping me on my review

Zebsrer

  • Member
  • Posts: 284
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

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

Did you know?

Malaria was not eliminated in the United States until 1951. The term eliminated means that no new cases arise in a country for 3 years.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

Did you know?

Certain rare plants containing cyanide include apricot pits and a type of potato called cassava. Fortunately, only chronic or massive ingestion of any of these plants can lead to serious poisoning.

Urinometer. In this procedure, a urine sample and urinometer are placed within a tube, and the liqui Urinometer. In this procedure, a urine sample and urinometer are placed within a tube, and the liqui
A weather map depicting the sea-level pressure distribution for March 4, 1994. A weather map depicting the sea-level pressure distribution for March 4, 1994.
North Korea: Labor Issues North Korea: Labor Issues
The four levels of PPE according to the EPA (from left to right): Level A, Level B, Level C, and ... The four levels of PPE according to the EPA (from left to right): Level A, Level B, Level C, and ...
The level of future emissions is closely linked to the rate of population growth The level of future emissions is closely linked to the rate of population growth
In the drawing of acetaldehyde, CH3CHO, the largest partial negative charge (-) occurs on In the drawing of acetaldehyde, CH3CHO, the largest partial negative charge (-) occurs on
Video: Net filtration pressure and lymph formation, edema & blood velocity

For a complete list of videos, visit our video library