Author Question: The table below shows the total production for varying numbers of hours worked producing yo-yos. The ... (Read 41 times)

dabomba718 · **on:** Oct 12, 2022

Question 1

Suppose the last unit of a factor of production employed has a marginal product of 12. The factor's price is $8, and the product's competitive market price is $6. This factor's marginal revenue product is
◦ $96.
◦ $36.
◦ $48.
◦ $72.
◦ $6.

Question 2

The table below shows the total production for varying numbers of hours worked producing yo-yos. The firm sells its product and hires its workers in competitive markets.

Number of Hours Worked	Number of Yo-Yos Produced	Wage Rate per Hour (S)	Price of Yo-Yos ($)
10	60	10	5
11	70	10	5
12	78	10	5
13	84	10	5
14	88	10	5
15	90	10	5

TABLE 13-4

Refer to Table 13-4. A profit-maximizing firm will continue to hire labour to produce yo-yos until they have equated
◦ the marginal revenue product of an additional hour of labour and the price of yo-yos.
◦ the wage rate per hour and the marginal product of labour.
◦ the marginal product of an additional hour of labour and the price of the yo-yos.
◦ the price of yo-yos and the wage rate per hour.
◦ the wage rate per hour and the value of the yo-yos produced by hiring one additional hour of labour.

ElaneShive · **Reply #1 on:** Oct 12, 2022

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