« previous next »

Author Question: Consider a perfectly competitive firm that produces computers. Each additional worker at this firm ... (Read 54 times)

notis

  • Hero Member
  • *****
  • Posts: 596
on: Jun 30, 2018
Consider a perfectly competitive firm that produces computers. Each additional worker at this firm can produce four computers. Calculate the marginal factor cost if the computers are sold for 1,000 each, and the firm is maximizing profit. (Assume that marginal revenue product is the product of marginal product of the input and the marginal revenue of the firm.)
 a. 4,000
  b. 500
  c. 1,000
  d. 1,500
  e. 400

Question 2

What do you mean by the term 'equilibrium wage'?
 a. It is the wage that is determined when potential employers and potential employees are free to transact as they wish.
  b. It is a wage determined by the government with an intention to narrow the gap between the higher and the lower income groups.
  c. It is a wage at which the workers refuse to offer labor.
 d. It is a minimum possible rate that an employer must pay in order to hire a labor.
 e. It is a wage at which there is an excess supply of workers.


cswans24

  • Sr. Member
  • ****
  • Posts: 317
Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

a


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Human stomach acid is strong enough to dissolve small pieces of metal such as razor blades or staples.

Did you know?

In the United States, there is a birth every 8 seconds, according to the U.S. Census Bureau's Population Clock.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

Did you know?

A serious new warning has been established for pregnant women against taking ACE inhibitors during pregnancy. In the study, the risk of major birth defects in children whose mothers took ACE inhibitors during the first trimester was nearly three times higher than in children whose mothers didn't take ACE inhibitors. Physicians can prescribe alternative medications for pregnant women who have symptoms of high blood pressure.

Did you know?

Certain chemicals, after ingestion, can be converted by the body into cyanide. Most of these chemicals have been removed from the market, but some old nail polish remover, solvents, and plastics manufacturing solutions can contain these substances.

Faulty outlooping produces lambda phage containing bacterial DNA Faulty outlooping produces lambda phage containing bacterial DNA
Greet a First-Time Client With a Firm Handshake. Greet a First-Time Client With a Firm Handshake.
Neck stretch. Rest the receiver’s head on the palm of your right hand, taking a firm hold on the ... Neck stretch. Rest the receiver’s head on the palm of your right hand, taking a firm hold on the ...
Firm handshake Firm handshake
Possible Sources of Differences in Output per Worker Possible Sources of Differences in Output per Worker
Competitive firms and maximization Competitive firms and maximization
Video: Introduction to Diabetes

For a complete list of videos, visit our video library