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

Author Question: If the price of capital is 24, the price of labor is 15, and the marginal product of capital is 16, ... (Read 78 times)

lbcchick

  • Hero Member
  • *****
  • Posts: 550
on: Jul 1, 2018
If the price of capital is 24, the price of labor is 15, and the marginal product of capital is 16, the least costly combination of capital and labor requires that the marginal product of labor be ________.
 
  Fill in the blank(s) with correct word

Question 2

A competitive firm's supply curve is identical to its marginal cost curve.
 
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Beatricemm

  • Sr. Member
  • ****
  • Posts: 323
Reply #1 on: Jul 1, 2018
Answer to Question 1

MPcapital/ MPlabor = Price of capital/Price of Labor, or marginal product of labor = 10.

Answer to Question 2

False. The statement is only partly correct. The supply curve is only that portion that lies above AVC.


lbcchick

  • Member
  • Posts: 550
Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

cici

  • Member
  • Posts: 325
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Intradermal injections are somewhat difficult to correctly administer because the skin layers are so thin that it is easy to accidentally punch through to the deeper subcutaneous layer.

Did you know?

Less than one of every three adults with high LDL cholesterol has the condition under control. Only 48.1% with the condition are being treated for it.

Did you know?

All adverse reactions are commonly charted in red ink in the patient's record and usually are noted on the front of the chart. Failure to follow correct documentation procedures may result in malpractice lawsuits.

Did you know?

All patients with hyperparathyroidism will develop osteoporosis. The parathyroid glands maintain blood calcium within the normal range. All patients with this disease will continue to lose calcium from their bones every day, and there is no way to prevent the development of osteoporosis as a result.

Did you know?

If you use artificial sweeteners, such as cyclamates, your eyes may be more sensitive to light. Other factors that will make your eyes more sensitive to light include use of antibiotics, oral contraceptives, hypertension medications, diuretics, and antidiabetic medications.

Effect of Perceived Price of a Drug on Placebo Analgesia Effect of Perceived Price of a Drug on Placebo Analgesia
Ginkgo Biloba label. The label indicates the product is standardized to percentages of the two ... Ginkgo Biloba label. The label indicates the product is standardized to percentages of the two ...
Overallocation of Labor to Farming When Farmworkers Are Paid Their Average Product Overallocation of Labor to Farming When Farmworkers Are Paid Their Average Product
Effect of Shifting Labor into R&D Effect of Shifting Labor into R&D
Importance of Considering Gestalt Principles in Product Design Importance of Considering Gestalt Principles in Product Design
The phenotype of an organism is the product of interactions The phenotype of an organism is the product of interactions
Video: Retina

For a complete list of videos, visit our video library