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Author Question: Firms pay famous individuals to endorse their products because A) famous people only consume ... (Read 41 times)

EY67

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on: Jun 29, 2018
Firms pay famous individuals to endorse their products because
 
  A) famous people only consume high-quality products.
  B) apparently demand is affected not just by the number of people who use a product but also by the type of person that uses the product.
  C) famous people obviously know what are the best goods and services.
  D) the firms are irrational and are wasting advertising expenditures.

Question 2

What is the marginal product of labor and what is the average product of labor.
 
  What will be an ideal response?
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ASDFGJLO

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

The marginal product of labor is the additional output a firm produces as a result of hiring one more worker. The average product of labor is the total output produced by a firm divided by the quantity of workers. The average product of labor is the average of the marginal products of labor.


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