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Author Question: A soybean farmer sells soybeans in a perfectly competitive market and hires labor in a perfectly ... (Read 139 times)

arivle123

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on: Apr 19, 2019

Question 1

Assuming that labor is the only variable input if society values a good ________ it costs firms to hire the workers to produce that good, the good ________ be produced.


◦ more than; will
◦ less than; will
◦ more than; will not
◦ equal to what; will not

Question 2

A soybean farmer sells soybeans in a perfectly competitive market and hires labor in a perfectly competitive market. The market price of soybeans is $1 a bushel, the wage rate is $12, the farmer employs six workers and the marginal product of the sixth worker is 10. What would you advise this farmer to do?


◦ Do nothing because the wage rate and the marginal product of the last worker hired are equal.
◦ Reduce employment because the wage paid is greater than the marginal revenue product.
◦ Increase employment because the wage paid is less than the marginal revenue product.
◦ Reduce the product price so that the wage and marginal revenue product will be equal.
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
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Marked as best answer by arivle123 on Apr 19, 2019

jsm54321

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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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arivle123

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Reply #2 on: Apr 19, 2019
Excellent


jsm54321

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Reply #3 on: Apr 19, 2019
Great! Please up vote :D


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