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Author Question: Suppose a firm uses land, labor, and capital for its production process. If it is renting the ... (Read 82 times)

ts19998

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Suppose a firm uses land, labor, and capital for its production process. If it is renting the equilibrium quantity of all three factors of production, then which of the following conditions will hold?
 
  A) Marginal product from the last dollar spent on land = Marginal product from last dollar spent on labor > Marginal product from the last dollar spent on capital
  B) Marginal product from the last dollar spent on land > Marginal product from last dollar spent on labor > Marginal product from the last dollar spent on capital
  C) Marginal product from the last dollar spent on land > Marginal product from last dollar spent on labor = Marginal product from the last dollar spent on capital
  D) Marginal product from the last dollar spent on land = Marginal product from last dollar spent on labor = Marginal product from the last dollar spent on capital

Question 2

Macroeconomics is the study of aggregate variables such as national production and unemployment.
 
  Indicate whether the statement is true or false



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bblaney

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Answer to Question 1

D

Answer to Question 2

TRUE




ts19998

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)


recede

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Reply 3 on: Yesterday
Wow, this really help

 

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