3 21) A farmer who has fixed amounts of land and capital finds that total product is 24 for thefirst worker hired; 32 when two workers are hired; 37 when three are hired; and 40 whenfour are hired. The farmer's product sells for $3 per unit and the wage rate is S13 perworker. How many workers should the farmer hire?A) 1В) 2С) 3D) 422) The downward-sloping demand curve of a monopolistic competitorA) reflects some level of control over its own price.B) becomes eventually horizontal in the long run.C) indicates collusion among the members of the product group.D) ensures that the firm will produce at minimum average cost in the long run.23) A monopolistically competitive firm is producing at an output level in the short runwhere average total cost is $4.50, price is $4, marginal revenue is $2.50, and marginalis $2.50. This firm is operatingA) with positive profits.B) with a loss.C) at the break-even point.D) at a nonoptimal level of output.24) Assume that a restaurant is hiring labor in an amount such that the MRC of the lastworker is $16 and her MRP is $12. Based on this information, we can say thatA) profits will be increased by hiring additional workers.B) profits will be increased by hiring fewer workers.C) marginal revenue product must exceed average revenue product.D) the restaurant is maximizing profits.25) Suppose the demand for strawberries rises sharply, resulting in an increased price forstrawberries. As it relates to strawberry pickers, we could expect theA) MRP curve to shift to the right.B) MRP curve to shift to the left.C) MRC curve to shift downward.D) MP curve to shift downward.

As per the guidelines answer is given to the first question i.e. 21. 21. "A profit maximizing firm…

21) A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker. How many workers should the farmer hire? A) 1 B) 2 C) 3 D) 4

21) A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker. How many workers should the farmer hire? A) 1 B) 2 C) 3 D) 4

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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