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Author Question: Liu's Potato Chips is a perfectly competitive firm currently employing 30 workers. The marginal ... (Read 70 times)

panfilo

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on: Apr 19, 2019

Question 1

Firms will employ an input up to the point where


◦ the wage rate equals the productivity of capital.
◦ its marginal cost equals its marginal product.
◦ the input's price equals its marginal revenue product.
◦ the input's price equals its marginal product.

Question 2

Liu's Potato Chips is a perfectly competitive firm currently employing 30 workers. The marginal revenue product of the 30th worker is $7.00 per hour. The wage rate is $8.00 per hour. To increase profits, this firm should


◦ decrease employment until the 
MRP of labor equals $8.00.
◦ increase employment until the 
MRP of labor equals $8.00.
◦ continue hiring 30 workers because the firm earns a surplus of $1.00 on each worker hired.
◦ increase the price of potato chips so that the marginal revenue product increases to $8.00 per hour.
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
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Marked as best answer by panfilo on Apr 19, 2019

kalskdjl1212

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Reply #1 on: Apr 19, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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panfilo

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Reply #2 on: Apr 19, 2019
TY


kalskdjl1212

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Reply #3 on: Apr 19, 2019
You're welcome


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