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

Author Question: Liu's Potato Chips is a perfectly competitive firm currently employing 30 workers. The marginal ... (Read 107 times)

panfilo

  • Hero Member
  • *****
  • Posts: 572
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
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by panfilo on Apr 19, 2019

kalskdjl1212

  • Sr. Member
  • ****
  • Posts: 353
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.
Answer Preview
Only 44% of students answer this correctly


panfilo

  • Hero Member
  • *****
  • Posts: 572
Reply #2 on: Apr 19, 2019
TY


kalskdjl1212

  • Sr. Member
  • ****
  • Posts: 353
Reply #3 on: Apr 19, 2019
You're welcome


« previous next »
 

Did you know?

If all the neurons in the human body were lined up, they would stretch more than 600 miles.

Did you know?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

Did you know?

The highest suicide rate in the United States is among people ages 65 years and older. Almost 15% of people in this age group commit suicide every year.

Did you know?

Amoebae are the simplest type of protozoans, and are characterized by a feeding and dividing trophozoite stage that moves by temporary extensions called pseudopodia or false feet.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Eye ball perfectly labelled (map) Eye ball perfectly labelled (map)
Abdominal thrusts are delivered with a firm thrust into the patient’s abdomen with an upward ... Abdominal thrusts are delivered with a firm thrust into the patient’s abdomen with an upward ...
One-handed kneading. Tissues are lifted with the whole hand in firm contact. One-handed kneading. Tissues are lifted with the whole hand in firm contact.
Firm handshake Firm handshake
Marginal Products of Physical and Human Capital Marginal Products of Physical and Human Capital
Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed ... Juan's Software Service Company is in a perfectly competitive market. Juan has total fixed ...
Video: Optic Nerve and Optic Disk Animation (Part 1 of 2)

For a complete list of videos, visit our video library