A firm uses two inputs, labor (L) and capital (K) in the production of umbrellas. It can invest 50,000 in the purchase of the two inputs annually. The firm hires 5 units of capital at 1,000 per unit. If the going annual wage rate is 4,500, calculate the number of workers employed by the firm. (Assume that the firm spends the entire budget on K and L.)
a. 10
b. 5
c. 15
d. 9
Question 2
A perfectly competitive firm's pricing decision depends on:
a. whether the firm wants to maximize profits or not.
b. whether the firm wants to maximize sales revenue or not.
c. the firm's costs.
d. whether it wants to compete with other firms in the market or not.
e. the market supply and demand.
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