« previous next »

Author Question: Consider a perfectly competitive firm that produces computers. Each additional worker at this firm ... (Read 51 times)

notis

  • Hero Member
  • *****
  • Posts: 596
on: Jun 30, 2018
Consider a perfectly competitive firm that produces computers. Each additional worker at this firm can produce four computers. Calculate the marginal factor cost if the computers are sold for 1,000 each, and the firm is maximizing profit. (Assume that marginal revenue product is the product of marginal product of the input and the marginal revenue of the firm.)
 a. 4,000
  b. 500
  c. 1,000
  d. 1,500
  e. 400

Question 2

What do you mean by the term 'equilibrium wage'?
 a. It is the wage that is determined when potential employers and potential employees are free to transact as they wish.
  b. It is a wage determined by the government with an intention to narrow the gap between the higher and the lower income groups.
  c. It is a wage at which the workers refuse to offer labor.
 d. It is a minimum possible rate that an employer must pay in order to hire a labor.
 e. It is a wage at which there is an excess supply of workers.


cswans24

  • Sr. Member
  • ****
  • Posts: 317
Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

a


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Drug abusers experience the following scenario: The pleasure given by their drug (or drugs) of choice is so strong that it is difficult to eradicate even after years of staying away from the substances involved. Certain triggers may cause a drug abuser to relapse. Research shows that long-term drug abuse results in significant changes in brain function that persist long after an individual stops using drugs. It is most important to realize that the same is true of not just illegal substances but alcohol and tobacco as well.

Did you know?

Cutaneous mucormycosis is a rare fungal infection that has been fatal in at least 29% of cases, and in as many as 83% of cases, depending on the patient's health prior to infection. It has occurred often after natural disasters such as tornados, and early treatment is essential.

Did you know?

Most women experience menopause in their 50s. However, in 1994, an Italian woman gave birth to a baby boy when she was 61 years old.

Did you know?

Alzheimer's disease affects only about 10% of people older than 65 years of age. Most forms of decreased mental function and dementia are caused by disuse (letting the mind get lazy).

Did you know?

Vaccines prevent between 2.5 and 4 million deaths every year.

Faulty outlooping produces lambda phage containing bacterial DNA Faulty outlooping produces lambda phage containing bacterial DNA
Eye ball perfectly labelled (map) Eye ball perfectly labelled (map)
John Lewis Krimmel’s painting of the Fourth of July in Centre Square Philadelphia (1812) shows the d John Lewis Krimmel’s painting of the Fourth of July in Centre Square Philadelphia (1812) shows the d
Competitive inhibitor Competitive inhibitor
GDP and Capital per Worker, 2009 GDP and Capital per Worker, 2009
How the cortical reaction in a mouse egg is thought to prevent additional sperm from entering the eg How the cortical reaction in a mouse egg is thought to prevent additional sperm from entering the eg
Video: Action potentials - electrical characteristics and generation

For a complete list of videos, visit our video library