Author Question: Consider the following production and cost schedule for a firm. The first column shows the number of ... (Read 25 times)

zl00505 · **on:** Oct 12, 2022

Question 1

Consider labour that is hired for $18 per hour. If the last hour of labour hired produces 8 units of output which sells for $10 per unit, that labour-hour's marginal revenue product is
◦ $4.44.
◦ $144.
◦ $80.
◦ $1.20.
◦ $64.

Question 2

Consider the following production and cost schedule for a firm. The first column shows the number of units of a variable factor of production employed by the firm.

Total Number of Units of the Factor	Total Number of Units of Output	Price per Unit of Output
10	20	$10
11	44	$10
12	64	$10
13	78	$10
14	84	$10
15	86	$10

TABLE 13-1

Refer to Table 13-1. How many units of this factor of production would the profit-maximizing firm hire if the price of each unit of the factor was $30?
◦ 13
◦ 14
◦ 15
◦ 12
◦ It is not possible to determine with the data given.

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

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