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

Author Question: A soybean farmer sells soybeans in a perfectly competitive market and hires labor in a perfectly ... (Read 125 times)

Lisaclaire

  • Hero Member
  • *****
  • Posts: 569
on: Apr 19, 2019

A soybean farmer sells soybeans in a perfectly competitive market and hires labor in a perfectly competitive market. The market price of soybeans is $6 a bushel, the wage rate is $30, the farmer employs eight workers and the marginal product of the eighth worker is 7 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 less 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 Lisaclaire on Apr 19, 2019

asdfasdf

  • Sr. Member
  • ****
  • Posts: 339
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


Lisaclaire

  • Hero Member
  • *****
  • Posts: 569
Reply #2 on: Apr 19, 2019
Thanks


asdfasdf

  • Sr. Member
  • ****
  • Posts: 339
Reply #3 on: Apr 19, 2019
Welcome :)


« previous next »
 

Did you know?

Children with strabismus (crossed eyes) can be treated. They are not able to outgrow this condition on their own, but with help, it can be more easily corrected at a younger age. It is important for infants to have eye examinations as early as possible in their development and then another at age 2 years.

Did you know?

Only one in 10 cancer deaths is caused by the primary tumor. The vast majority of cancer mortality is caused by cells breaking away from the main tumor and metastasizing to other parts of the body, such as the brain, bones, or liver.

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

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?

The human body produces and destroys 15 million blood cells every second.

All of the homes in this new neighborhood of Brentwood, California, are for sale, evidence of the co All of the homes in this new neighborhood of Brentwood, California, are for sale, evidence of the co
Walker Evans, Alabama Tenant Farmer's Kitchen (Washstand with View into Dining Area of ... Walker Evans, Alabama Tenant Farmer's Kitchen (Washstand with View into Dining Area of ...
Hydroelectric power: 2013 Global Market Hydroelectric power: 2013 Global Market
Overallocation of Labor to Sector 1 Overallocation of Labor to Sector 1
Effect of Shifting Labor into R&D Effect of Shifting Labor into R&D
Three queens, fertile females in species that have a reproductive division of labor. Three queens, fertile females in species that have a reproductive division of labor.
Video: Second Messengers in the Inositol-lipid Signaling Pathway

For a complete list of videos, visit our video library