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Author Question: If the market for labor is perfectly competitive, the profit maximizing level of labor occurs where ... (Read 131 times)

cdr_15

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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


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verrinzo

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Reply #1 on: Jul 1, 2018
Answer to Question 1

D

Answer to Question 2

B


cdr_15

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Reply 2 on: Jul 1, 2018
YES! Correct, THANKS for helping me on my review

xiaomengxian

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Reply 3 on: Yesterday
Excellent

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