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

Author Question: Describe the decision for a perfectly competitive employer in determining the profit maximizing ... (Read 17 times)

futuristic

  • Hero Member
  • *****
  • Posts: 638
on: Jun 30, 2018
Describe the decision for a perfectly competitive employer in determining the profit maximizing quantity of labor to employ.

Question 2

A decrease in gross domestic product (GDP) necessarily means that consumer welfare has decreased.
 a. True
  b. False
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

jlaineee

  • Sr. Member
  • ****
  • Posts: 380
Reply #1 on: Jun 30, 2018
Answer to Question 1

The profit maximizing quantity of labor to employ exists at that quantity where the marginal revenue product of labor (MRP) equals the wage rate (W). The MRP equals the marginal product of labor multiplied by the price of the output produced. This information as well as the wage is required to decide the optimal number of workers to employ. If the MRP > W then employ more workers until they're equal.

Answer to Question 2

False


futuristic

  • Member
  • Posts: 638
Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

olderstudent

  • Member
  • Posts: 339
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

Did you know?

Stroke kills people from all ethnic backgrounds, but the people at highest risk for fatal strokes are: black men, black women, Asian men, white men, and white women.

Did you know?

The training of an anesthesiologist typically requires four years of college, 4 years of medical school, 1 year of internship, and 3 years of residency.

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

Did you know?

Vaccines cause herd immunity. If the majority of people in a community have been vaccinated against a disease, an unvaccinated person is less likely to get the disease since others are less likely to become sick from it and spread the disease.

Steps in determining the structure of sperm whale myoglobin by x-ray crystallography Steps in determining the structure of sperm whale myoglobin by x-ray crystallography
determining the mode of inheritance determining the mode of inheritance
Competitive enzyme immunoassay. (a) Shows the uninhibited reaction and (b) shows the inhibited ... Competitive enzyme immunoassay. (a) Shows the uninhibited reaction and (b) shows the inhibited ...
Profit-maximizing Chart Profit-maximizing Chart
Describe the Conceptual Forecasting Framework in your own words. Describe the Conceptual Forecasting Framework in your own words.
Reconstructing genotypes and determining genotype probabilities Reconstructing genotypes and determining genotype probabilities
Video: Activation Energy - Valence Electrons

For a complete list of videos, visit our video library