« previous next »

Author Question: When an isocost line is just tangent to an isoquant, we know that A) output is being produced at ... (Read 118 times)

meagbuch

  • Hero Member
  • *****
  • Posts: 568
on: Jul 1, 2018
When an isocost line is just tangent to an isoquant, we know that
 
  A) output is being produced at minimum cost.
  B) output is not being produced at minimum cost.
  C) the two products are being produced at the least input cost to the firm.
  D) the two products are being produced at the highest input cost to the firm.

Question 2

A firm should hire more labor when the marginal revenue product of labor
 
  A) equals the wage rate.
  B) exceeds the wage rate.
  C) is less than the wage rate.
  D) Any of these can be true.
  E) None of these are true.


snackralk

  • Sr. Member
  • ****
  • Posts: 363
Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

B


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

Of the estimated 2 million heroin users in the United States, 600,000–800,000 are considered hardcore addicts. Heroin addiction is considered to be one of the hardest addictions to recover from.

Did you know?

In 1835 it was discovered that a disease of silkworms known as muscardine could be transferred from one silkworm to another, and was caused by a fungus.

Did you know?

Thyroid conditions may make getting pregnant impossible.

Model of malaria protozoa in a red blood cell. New parasites are produced and mature in the RBC, ... Model of malaria protozoa in a red blood cell. New parasites are produced and mature in the RBC, ...
The end of a typical line wrench, which shows that it is capable of grasping most of the head of ... The end of a typical line wrench, which shows that it is capable of grasping most of the head of ...
AC ripple at the output terminal of the battery is more accurate than testing at the battery due ... AC ripple at the output terminal of the battery is more accurate than testing at the battery due ...
Major Agricultural Crops Produced in the United States, 2011 Major Agricultural Crops Produced in the United States, 2011
Raman has a line of credit loan with the ICICI bank. The initial loan balance was $72000.00. ... Raman has a line of credit loan with the ICICI bank. The initial loan balance was $72000.00. ...
Time Line for Life’s Origin and Evolution Time Line for Life’s Origin and Evolution
Video: Non-specific disease resistance mechanisms & Skin's defense barriers

For a complete list of videos, visit our video library