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

Author Question: If the market for labor is perfectly competitive, the profit maximizing level of labor occurs where ... (Read 137 times)

cdr_15

  • Hero Member
  • *****
  • Posts: 546
on: Jul 1, 2018
If the market for labor is perfectly competitive, the profit maximizing level of labor occurs where
 
  A) MRPL < W (the wage).
  B) MRPL = P (the output price).
  C) MRPL just exceeds W.
  D) MRPL = W.
  E) none of the above

Question 2

Suppose that the price of labor (PL) is 10 and the price of capital (PK) is 20. What is the equation of the isocost line corresponding to a total cost of 100?
 
  A) PL + 20PK
  B) 100 = 10L + 20K
  C) 100 = 30(L+K)
  D) 100 + 30 (PL + PK)
  E) none of the above


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

verrinzo

  • Sr. Member
  • ****
  • Posts: 346
Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

B


cdr_15

  • Member
  • Posts: 546
Reply 2 on: Jul 1, 2018
:D TYSM

miss.ashley

  • Member
  • Posts: 371
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Oxytocin is recommended only for pregnancies that have a medical reason for inducing labor (such as eclampsia) and is not recommended for elective procedures or for making the birthing process more convenient.

Did you know?

Since 1988, the CDC has reported a 99% reduction in bacterial meningitis caused by Haemophilus influenzae, due to the introduction of the vaccine against it.

Did you know?

Lower drug doses for elderly patients should be used first, with titrations of the dose as tolerated to prevent unwanted drug-related pharmacodynamic effects.

Did you know?

Signs and symptoms of a drug overdose include losing consciousness, fever or sweating, breathing problems, abnormal pulse, and changes in skin color.

Did you know?

More than 34,000 trademarked medication names and more than 10,000 generic medication names are in use in the United States.

Much time and effort occurs between the development of a research idea and the statistical analysis Much time and effort occurs between the development of a research idea and the statistical analysis
Breast cancer. Notice the tumor growing within a lactiferous gland, which occurs in infiltrating duc Breast cancer. Notice the tumor growing within a lactiferous gland, which occurs in infiltrating duc
The transition between steps usually occurs at a temperature that would not interfere with cold ... The transition between steps usually occurs at a temperature that would not interfere with cold ...
The gap between the projected level of greenhouse gas emissions The gap between the projected level of greenhouse gas emissions
Changes in the Level of Education, 1975-2010 Changes in the Level of Education, 1975-2010
Stock Market Tracks Growth in GDP Stock Market Tracks Growth in GDP
Video: Neural Reflex Arc Animation

For a complete list of videos, visit our video library