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Author Question: The diagram below shows the MRP curve for a firm producing copper plumbing pipe. The factor of ... (Read 57 times)

desireelg_7

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on: Oct 12, 2022

The diagram below shows the MRP curve for a firm producing copper plumbing pipe. The factor of production being considered here is hours of labour.



FIGURE 13-1

Refer to Figure 13-1. Suppose this firm is facing MRP1, a wage rate of $12 per hour and is employing 150 units of labour. At this level of employment,


◦ the last unit of labour contributes as much to the firm's costs as to the firm's revenues and so the firm should not change its use of labour.
◦ the last unit of labour is adding more to the firm's cost than it is adding to the firm's revenue, so it should reduce the use of labour.
◦ the last unit of labour is adding less to the firm's cost than it is adding to the firm's revenue, so it should increase the use of labour.
◦ the firm has shifted the MRP curve to MRP3.
◦ the firm has shifted the MRP curve to MRP2.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by desireelg_7 on Oct 12, 2022

Nutellas_Good

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Reply #1 on: Oct 12, 2022
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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desireelg_7

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Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review

lindahyatt42

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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