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 209 times)

Davideckstein7

  • Hero Member
  • *****
  • Posts: 555
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 4 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 Davideckstein7 on Apr 19, 2019

Toya9913

  • Sr. Member
  • ****
  • Posts: 341
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


Davideckstein7

  • Member
  • Posts: 555
Reply 2 on: Apr 19, 2019
Excellent

connor417

  • Member
  • Posts: 329
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

The ratio of hydrogen atoms to oxygen in water (H2O) is 2:1.

Did you know?

Eating carrots will improve your eyesight. Carrots are high in vitamin A (retinol), which is essential for good vision. It can also be found in milk, cheese, egg yolks, and liver.

Did you know?

The immune system needs 9.5 hours of sleep in total darkness to recharge completely.

Did you know?

Women are 50% to 75% more likely than men to experience an adverse drug reaction.

Did you know?

The first war in which wide-scale use of anesthetics occurred was the Civil War, and 80% of all wounds were in the extremities.

A seashell vendor in Tanzania sells to tourists seashells which have been taken from the sea alive, A seashell vendor in Tanzania sells to tourists seashells which have been taken from the sea alive,
competitive inhibition competitive inhibition
This is a soybean This is a soybean
A 2.8-kg tool can move on a perfectly smooth ramp that slants at 42° above the horizontal. ... A 2.8-kg tool can move on a perfectly smooth ramp that slants at 42° above the horizontal. ...
Iraqi market Iraqi market
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: A Human Karyotype Preparation Animation

For a complete list of videos, visit our video library