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.
Primary production is constrained by the most limiting factor.
El Niño and areas of high marine primary production around the Galapagos Islands. Noti
The stages of labor and delivery. (A) During the dilation stage the cervix thins and dilates to 10 c
Products like Beano contain enzymes that help reduce the production of gas in the large intestine
Production and Prices in Richland and Poorland
Summary of the inputs and outputs of photosynthesis.