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

Author Question: The law of diminishing marginal returns explains why a marginal revenue product schedule (Read 114 times)

Bob-Dole

  • Hero Member
  • *****
  • Posts: 547
on: Apr 19, 2019

Question 1

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, and the farmer employs eight workers. If the farmer is maximizing his profits, then the marginal product of the eighth worker is ________.


◦ 0.2 bushels
◦ 5 bushels
◦ 20 bushels
◦ indeterminate from the given information

Question 2

The law of diminishing marginal returns explains why a marginal revenue product schedule


◦ first declines and then increases.
◦ is always negative.
◦ eventually increases.
◦ eventually declines.
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 Bob-Dole on Apr 19, 2019

epscape

  • Sr. Member
  • ****
  • Posts: 335
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 29% of students answer this correctly


Bob-Dole

  • Hero Member
  • *****
  • Posts: 547
Reply #2 on: Apr 19, 2019
Thank you!


epscape

  • Sr. Member
  • ****
  • Posts: 335
Reply #3 on: Apr 19, 2019
Always glad to help...


« previous next »
 

Did you know?

As the western states of America were settled, pioneers often had to drink rancid water from ponds and other sources. This often resulted in chronic diarrhea, causing many cases of dehydration and death that could have been avoided if clean water had been available.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

There used to be a metric calendar, as well as metric clocks. The metric calendar, or "French Republican Calendar" divided the year into 12 months, but each month was divided into three 10-day weeks. Each day had 10 decimal hours. Each hour had 100 decimal minutes. Due to lack of popularity, the metric clocks and calendars were ended in 1795, three years after they had been first marketed.

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

Today, nearly 8 out of 10 pregnant women living with HIV (about 1.1 million), receive antiretrovirals.

Independent assortment of chromosomes at meiosis explains Mendel’s ratio Independent assortment of chromosomes at meiosis explains Mendel’s ratio
Independent assortment of chromosomes at meiosis explains Mendel’s ratio Independent assortment of chromosomes at meiosis explains Mendel’s ratio
Product safety Product safety
Find the derivative using the product rule Find the derivative using the product rule
Use the product rule to find derivative Use the product rule to find derivative
Use the product rule to find derivative Use the product rule to find derivative
Video: Bone Growth and Remodeling

For a complete list of videos, visit our video library