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

Author Question: A wheat farmer sells wheat in a perfectly competitive market and hires labor in a perfectly ... (Read 185 times)

HCHenry

  • Hero Member
  • *****
  • Posts: 591
on: Apr 19, 2019

A wheat farmer sells wheat in a perfectly competitive market and hires labor in a perfectly competitive market. The market price of wheat is $2 a bushel, the wage rate is $10, the farmer employs five workers and the marginal product of the fifth worker is 10 bushels. What would you advise this farmer to do?


◦ Do nothing because the wage rate and the marginal product of the last worker hired are equal.
◦ Reduce employment because the wage paid is less than the marginal revenue product.
◦ Increase employment because the wage paid is less than the marginal revenue product.
◦ Reduce the product price so that the wage and marginal revenue product will be equal.
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 HCHenry on Apr 19, 2019

jxjsniuniu

  • Sr. Member
  • ****
  • Posts: 343
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 25% of students answer this correctly


HCHenry

  • Member
  • Posts: 591
Reply 2 on: Apr 19, 2019
:D TYSM

chjcharjto14

  • Member
  • Posts: 342
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

Individuals are never “cured” of addictions. Instead, they learn how to manage their disease to lead healthy, balanced lives.

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?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

Many types of edible fungi are grown for the market. Many types of edible fungi are grown for the market.
Eye ball perfectly labelled (map) Eye ball perfectly labelled (map)
Lineweaver–Burk plots of the reactions with and without a competitive inhibitor Lineweaver–Burk plots of the reactions with and without a competitive inhibitor
Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed ... Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed ...
Competitive firms and maximization Competitive firms and maximization
A farmer has 100 acres of land on which she plans to grow wheat and corn. Each acre of wheat ... A farmer has 100 acres of land on which she plans to grow wheat and corn. Each acre of wheat ...
Video: Gastroesophageal Reflux Disease (GERD)

For a complete list of videos, visit our video library