« previous next »

Author Question: A firm uses two inputs, labor (L) and capital (K) in the production of umbrellas. It can invest ... (Read 123 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?

Adults are resistant to the bacterium that causes Botulism. These bacteria thrive in honey – therefore, honey should never be given to infants since their immune systems are not yet resistant.

Did you know?

More than 34,000 trademarked medication names and more than 10,000 generic medication names are in use in the United States.

Did you know?

Though newer “smart” infusion pumps are increasingly becoming more sophisticated, they cannot prevent all programming and administration errors. Health care professionals that use smart infusion pumps must still practice the rights of medication administration and have other professionals double-check all high-risk infusions.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

Nearly 31 million adults in America have a total cholesterol level that is more than 240 mg per dL.

Romanesque capital showing Samson and the lion (13th century). Romanesque capital showing Samson and the lion (13th century).
Rebound Tenderness, Apply Firm Pressure to the Abdomen Rebound Tenderness, Apply Firm Pressure to the Abdomen
Child Labor Rates and GDP Worldwide Child Labor Rates and GDP Worldwide
The neural pathway responsible for the production and learning of song in the male canary. The neural pathway responsible for the production and learning of song in the male canary.
World Crude Oil Production and Reserves (Billions of Barrels) World Crude Oil Production and Reserves (Billions of Barrels)
Capital-Biased Technological Change Capital-Biased Technological Change
Video: Summary of glucose catabolism

For a complete list of videos, visit our video library