« previous next »

Author Question: A firm uses two inputs, labor (L) and capital (K) in the production of umbrellas. It can invest ... (Read 104 times)

jrubin

  • Hero Member
  • *****
  • Posts: 552
on: Jun 30, 2018
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.


FergA

  • Sr. Member
  • ****
  • Posts: 352
Reply #1 on: Jun 30, 2018
Answer to Question 1

A

Answer to Question 2

e


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

jrubin

  • Hero Member
  • *****
  • Posts: 552
Reply #2 on: Jun 30, 2018
Thank you


FergA

  • Sr. Member
  • ****
  • Posts: 352
Reply #3 on: Jun 30, 2018
No problemo


« previous next »
 

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

Did you know?

The cure for trichomoniasis is easy as long as the patient does not drink alcoholic beverages for 24 hours. Just a single dose of medication is needed to rid the body of the disease. However, without proper precautions, an individual may contract the disease repeatedly. In fact, most people develop trichomoniasis again within three months of their last treatment.

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Did you know?

Eating food that has been cooked with poppy seeds may cause you to fail a drug screening test, because the seeds contain enough opiate alkaloids to register as a positive.

Did you know?

Sildenafil (Viagra®) has two actions that may be of consequence in patients with heart disease. It can lower the blood pressure, and it can interact with nitrates. It should never be used in patients who are taking nitrates.

Herbivore biomass is positively correlated with net aboveground primary production. Herbivore biomass is positively correlated with net aboveground primary production.
North Korea: Labor Issues North Korea: Labor Issues
Human of the planet's net primary production and appropriation of NPP Human of the planet's net primary production and appropriation of NPP
Hubbard’s Predication of Peak in U.S Oil Production with Actual Data Hubbard’s Predication of Peak in U.S Oil Production with Actual Data
Conventional oil reserves have passed peak production Conventional oil reserves have passed peak production
World Crude Oil Production, 1900–2010 World Crude Oil Production, 1900–2010
Video: Neurosynapse Animation

For a complete list of videos, visit our video library