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

Author Question: Liu's Potato Chips is a perfectly competitive firm currently employing 30 workers. The marginal ... (Read 109 times)

panfilo

  • Hero Member
  • *****
  • Posts: 572
on: Apr 19, 2019

Question 1

Firms will employ an input up to the point where


◦ the wage rate equals the productivity of capital.
◦ its marginal cost equals its marginal product.
◦ the input's price equals its marginal revenue product.
◦ the input's price equals its marginal product.

Question 2

Liu's Potato Chips is a perfectly competitive firm currently employing 30 workers. The marginal revenue product of the 30th worker is $7.00 per hour. The wage rate is $8.00 per hour. To increase profits, this firm should


◦ decrease employment until the 
MRP of labor equals $8.00.
◦ increase employment until the 
MRP of labor equals $8.00.
◦ continue hiring 30 workers because the firm earns a surplus of $1.00 on each worker hired.
◦ increase the price of potato chips so that the marginal revenue product increases to $8.00 per hour.
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by panfilo on Apr 19, 2019

kalskdjl1212

  • Sr. Member
  • ****
  • Posts: 353
Reply #1 on: Apr 19, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 44% of students answer this correctly


panfilo

  • Hero Member
  • *****
  • Posts: 572
Reply #2 on: Apr 19, 2019
TY


kalskdjl1212

  • Sr. Member
  • ****
  • Posts: 353
Reply #3 on: Apr 19, 2019
You're welcome


« previous next »
 

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Did you know?

Multiple experimental evidences have confirmed that at the molecular level, cancer is caused by lesions in cellular DNA.

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?

There are approximately 3 million unintended pregnancies in the United States each year.

Did you know?

The average office desk has 400 times more bacteria on it than a toilet.

Nurses may collaborate with social workers, physicians, and other members of the health care team to Nurses may collaborate with social workers, physicians, and other members of the health care team to
Increasing Separation of Masters and Workers Increasing Separation of Masters and Workers
Competitive drug enzyme immunoassay. Competitive drug enzyme immunoassay.
Fish and Chips or Fries Fish and Chips or Fries
Competitive firms and maximization Competitive firms and maximization
Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ... Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ...
Video: Electrocardiogram Examination

For a complete list of videos, visit our video library