This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: If the market for labor is perfectly competitive, the profit maximizing level of labor occurs where ... (Read 136 times)

cdr_15

  • Hero Member
  • *****
  • Posts: 546
on: Jul 1, 2018
If the market for labor is perfectly competitive, the profit maximizing level of labor occurs where
 
  A) MRPL < W (the wage).
  B) MRPL = P (the output price).
  C) MRPL just exceeds W.
  D) MRPL = W.
  E) none of the above

Question 2

Suppose that the price of labor (PL) is 10 and the price of capital (PK) is 20. What is the equation of the isocost line corresponding to a total cost of 100?
 
  A) PL + 20PK
  B) 100 = 10L + 20K
  C) 100 = 30(L+K)
  D) 100 + 30 (PL + PK)
  E) none of the above


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

verrinzo

  • Sr. Member
  • ****
  • Posts: 346
Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

B


cdr_15

  • Member
  • Posts: 546
Reply 2 on: Jul 1, 2018
Excellent

xiazhe

  • Member
  • Posts: 331
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Most strokes are caused when blood clots move to a blood vessel in the brain and block blood flow to that area. Thrombolytic therapy can be used to dissolve the clot quickly. If given within 3 hours of the first stroke symptoms, this therapy can help limit stroke damage and disability.

Did you know?

Medications that are definitely not safe to take when breastfeeding include radioactive drugs, antimetabolites, some cancer (chemotherapy) agents, bromocriptine, ergotamine, methotrexate, and cyclosporine.

Did you know?

Blood in the urine can be a sign of a kidney stone, glomerulonephritis, or other kidney problems.

Did you know?

Never take aspirin without food because it is likely to irritate your stomach. Never give aspirin to children under age 12. Overdoses of aspirin have the potential to cause deafness.

Did you know?

There used to be a metric calendar, as well as metric clocks. The metric calendar, or "French Republican Calendar" divided the year into 12 months, but each month was divided into three 10-day weeks. Each day had 10 decimal hours. Each hour had 100 decimal minutes. Due to lack of popularity, the metric clocks and calendars were ended in 1795, three years after they had been first marketed.

Does this child have legs of different lengths or scoliosis? Look at the level of the iliac crests a Does this child have legs of different lengths or scoliosis? Look at the level of the iliac crests a
Impacts of rising sea level Impacts of rising sea level
The Nile Delta will be strongly affected by a rise in sea level of 50 cm The Nile Delta will be strongly affected by a rise in sea level of 50 cm
Efficient Allocation of Labor between Sectors Efficient Allocation of Labor between Sectors
A company that sells sweatshirts finds that the profit can be modelled by P(s)= ... A company that sells sweatshirts finds that the profit can be modelled by P(s)= ...
The tertiary level of protein structure for the respiratory pigment myoglobin The tertiary level of protein structure for the respiratory pigment myoglobin
Video: Endocytosis -Types and Phagocytosis

For a complete list of videos, visit our video library