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Author Question: The law of diminishing marginal returns explains why a marginal revenue product schedule (Read 51 times)

Bob-Dole

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on: Apr 19, 2019

Question 1

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, and the farmer employs eight workers. If the farmer is maximizing his profits, then the marginal product of the eighth worker is ________.


◦ 0.2 bushels
◦ 5 bushels
◦ 20 bushels
◦ indeterminate from the given information

Question 2

The law of diminishing marginal returns explains why a marginal revenue product schedule


◦ first declines and then increases.
◦ is always negative.
◦ eventually increases.
◦ eventually declines.
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
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Marked as best answer by Bob-Dole on Apr 19, 2019

epscape

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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.
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Bob-Dole

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Reply #2 on: Apr 19, 2019
Thank you!


epscape

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Reply #3 on: Apr 19, 2019
Always glad to help...


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