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 157 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?

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?

Asthma cases in Americans are about 75% higher today than they were in 1980.

Did you know?

Eat fiber! A diet high in fiber can help lower cholesterol levels by as much as 10%.

Did you know?

Giardia is one of the most common intestinal parasites worldwide, and infects up to 20% of the world population, mostly in poorer countries with inadequate sanitation. Infections are most common in children, though chronic Giardia is more common in adults.

Did you know?

Serum cholesterol testing in adults is recommended every 1 to 5 years. People with diabetes and a family history of high cholesterol should be tested even more frequently.

Norway lobsters on sale at a Spanish market Norway lobsters on sale at a Spanish market
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 ...
A slave market in Marrakesh, Morocco. This lithograph is from the 1800s. A slave market in Marrakesh, Morocco. This lithograph is from the 1800s.
Project Management: Achieving Competitive Advantage Project Management: Achieving Competitive Advantage
Portion of plasmid pV-GMGT04 used to create Roundup-Ready soybeans Portion of plasmid pV-GMGT04 used to create Roundup-Ready soybeans
Method for creating Roundup-Ready soybeans Method for creating Roundup-Ready soybeans
Video: Structure of a Ribosome

For a complete list of videos, visit our video library