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

Author Question: A soybean farmer sells soybeans in a perfectly competitive market and hires labor in a perfectly ... (Read 172 times)

Davideckstein7

  • Hero Member
  • *****
  • Posts: 555
on: Apr 19, 2019

A soybean farmer sells soybeans in a perfectly competitive market and hires labor in a perfectly competitive market. The market price of soybeans is $6 a bushel, the wage rate is $30, the farmer employs eight workers and the marginal product of the eighth worker is 4 bushels. 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 more 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
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by Davideckstein7 on Apr 19, 2019

Toya9913

  • Sr. Member
  • ****
  • Posts: 341
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 25% of students answer this correctly


Davideckstein7

  • Member
  • Posts: 555
Reply 2 on: Apr 19, 2019
Thanks for the timely response, appreciate it

scottmt

  • Member
  • Posts: 322
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

GI conditions that will keep you out of the U.S. armed services include ulcers, varices, fistulas, esophagitis, gastritis, congenital abnormalities, inflammatory bowel disease, enteritis, colitis, proctitis, duodenal diverticula, malabsorption syndromes, hepatitis, cirrhosis, cysts, abscesses, pancreatitis, polyps, certain hemorrhoids, splenomegaly, hernias, recent abdominal surgery, GI bypass or stomach stapling, and artificial GI openings.

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

Did you know?

The immune system needs 9.5 hours of sleep in total darkness to recharge completely.

Did you know?

Drug-induced pharmacodynamic effects manifested in older adults include drug-induced renal toxicity, which can be a major factor when these adults are experiencing other kidney problems.

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

A slave market in Marrakesh, Morocco. This lithograph is from the 1800s. A slave market in Marrakesh, Morocco. This lithograph is from the 1800s.
Lineweaver–Burk plots of the reactions with and without a competitive inhibitor Lineweaver–Burk plots of the reactions with and without a competitive inhibitor
Plan of Trajan's Forum and Market "خطة منتدى ترجان والسوق" Plan of Trajan's Forum and Market "خطة منتدى ترجان والسوق"
Major U.S. Centers of Cattle, Corn, Wheat, and Soybean Production Major U.S. Centers of Cattle, Corn, Wheat, and Soybean Production
A farmer is building a new cylindrical silo that will hold 1800 cm3 of corn. Wha A farmer is building a new cylindrical silo that will hold 1800 cm3 of corn. Wha
A farmer has 100 acres of land on which she plans to grow wheat and corn. Each acre of wheat ... A farmer has 100 acres of land on which she plans to grow wheat and corn. Each acre of wheat ...
Video: Double Vacuum Process (Illustration No Audio)

For a complete list of videos, visit our video library