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

Author Question: If the price of capital is 24, the price of labor is 15, and the marginal product of capital is 16, ... (Read 81 times)

lbcchick

  • Hero Member
  • *****
  • Posts: 550
on: Jul 1, 2018
If the price of capital is 24, the price of labor is 15, and the marginal product of capital is 16, the least costly combination of capital and labor requires that the marginal product of labor be ________.
 
  Fill in the blank(s) with correct word

Question 2

A competitive firm's supply curve is identical to its marginal cost curve.
 
  Indicate whether the statement is true or false


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Beatricemm

  • Sr. Member
  • ****
  • Posts: 323
Reply #1 on: Jul 1, 2018
Answer to Question 1

MPcapital/ MPlabor = Price of capital/Price of Labor, or marginal product of labor = 10.

Answer to Question 2

False. The statement is only partly correct. The supply curve is only that portion that lies above AVC.


lbcchick

  • Member
  • Posts: 550
Reply 2 on: Jul 1, 2018
Excellent

adammoses97

  • Member
  • Posts: 337
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

On average, the stomach produces 2 L of hydrochloric acid per day.

Did you know?

Once thought to have neurofibromatosis, Joseph Merrick (also known as "the elephant man") is now, in retrospect, thought by clinical experts to have had Proteus syndrome. This endocrine disease causes continued and abnormal growth of the bones, muscles, skin, and so on and can become completely debilitating with severe deformities occurring anywhere on the body.

Did you know?

Although not all of the following muscle groups are commonly used, intramuscular injections may be given into the abdominals, biceps, calves, deltoids, gluteals, laterals, pectorals, quadriceps, trapezoids, and triceps.

Did you know?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

Did you know?

In Eastern Europe and Russia, interferon is administered intranasally in varied doses for the common cold and influenza. It is claimed that this treatment can lower the risk of infection by as much as 60–70%.

A graphical representation of the marginal value theorem. A graphical representation of the marginal value theorem.
Ginkgo Biloba label. The label indicates the product is standardized to percentages of the two ... Ginkgo Biloba label. The label indicates the product is standardized to percentages of the two ...
Closed and Open Food Product Dating Closed and Open Food Product Dating
GDP and Capital per Worker, 2009 GDP and Capital per Worker, 2009
When operating your own business, it is wise to know your cost of capital and that of the ... When operating your own business, it is wise to know your cost of capital and that of the ...
Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ... Refer to Scenario 3.1. If the price of potato chips is $0.50 and the price of Cola is $4.00, ...
Video: Covalent bonds - role in the body

For a complete list of videos, visit our video library