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

Author Question: A wheat farmer sells wheat in a perfectly competitive market and hires labor in a perfectly ... (Read 213 times)

abarnes

  • Hero Member
  • *****
  • Posts: 556
on: Apr 19, 2019

A wheat farmer sells wheat in a perfectly competitive market and hires labor in a perfectly competitive market. The market price of wheat is $2 a bushel, the wage rate is $10, the farmer employs five workers and the marginal product of the fifth worker is 3 bushels. What would you advise this farmer to do?


◦ Do nothing because the wage rate and the marginal product of the last worker hired are equal.
◦ Reduce employment because the wage paid is more than the marginal revenue product.
◦ Increase employment because the wage paid is less than the marginal revenue product.
◦ Reduce the product price so that the wage and marginal revenue product will be equal.
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by abarnes on Apr 19, 2019

lindahyatt42

  • Sr. Member
  • ****
  • Posts: 322
Reply #1 on: Apr 19, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 25% of students answer this correctly


abarnes

  • Hero Member
  • *****
  • Posts: 556
Reply #2 on: Apr 19, 2019
Thank you!


lindahyatt42

  • Sr. Member
  • ****
  • Posts: 322
Reply #3 on: Apr 19, 2019
Always glad to help...


« previous next »
 

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

Did you know?

Of the estimated 2 million heroin users in the United States, 600,000–800,000 are considered hardcore addicts. Heroin addiction is considered to be one of the hardest addictions to recover from.

Did you know?

Elderly adults are at greatest risk of stroke and myocardial infarction and have the most to gain from prophylaxis. Patients ages 60 to 80 years with blood pressures above 160/90 mm Hg should benefit from antihypertensive treatment.

Did you know?

According to animal studies, the typical American diet is damaging to the liver and may result in allergies, low energy, digestive problems, and a lack of ability to detoxify harmful substances.

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

Cow Wheat Cow Wheat
Stages of Labor Stages of Labor
The proportion of adults 55 to 64 in the labor force in Germany, Italy, and France is low and has ... The proportion of adults 55 to 64 in the labor force in Germany, Italy, and France is low and has ...
The Stages of Labor and Birth in a Vaginal Delivery The Stages of Labor and Birth in a Vaginal Delivery
A car wash reduced the price of a basic wash as a promotion and test of the market. With the ... A car wash reduced the price of a basic wash as a promotion and test of the market. With the ...
Competitive firms and maximization Competitive firms and maximization
Video: First Stage of Labor and Delivery Video

For a complete list of videos, visit our video library