Please answer the separate two-part questions attached. A competitive firm should keep hiring as long as the value of the marginal product is:greater than or equal to the marginal product.greater than or equal to the marginal revenue.O less than or equal to the marginal cost.O greater than or equal to the marginal cost. Melissa let Jill cheat off of her during a history exam last week. Now Melissa is threatening to tell on Jill unless Jill pays her $50. Usethe decision tree below to determine the likely outcome of this situation.ResultTellM: expelledJ: expelledРayMelissaM: $50Don't tellJ:-$50JillTellM: expelledJ: expelledDon't payMelissaM: 0Don't tellJ: 0O Jill will pay Melissa to keep her quiet and Melissa does not tell.O Jill will pay Melissa to keep her quiet and Melissa will still tell.O ill will not pay Melissa to keep her quiet and Melissa does not tell.O Jill will not pay Melissa to keep her quiet and Melissa does tell.

In economics, the marginal product of labor (MPL) is the change in output that results from…

A competitive firm should keep hiring as long as the value of the marginal product is: greater than or equal to the marginal product. greater than or equal to the marginal revenue. O less than or equal to the marginal cost. O greater than or equal to the marginal cost.

A competitive firm should keep hiring as long as the value of the marginal product is: greater than or equal to the marginal product. greater than or equal to the marginal revenue. O less than or equal to the marginal cost. O greater than or equal to the marginal cost.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

100%

Please answer the separate two-part questions attached.

A competitive firm should keep hiring as long as the value of the marginal product is:
greater than or equal to the marginal product.
greater than or equal to the marginal revenue.
O less than or equal to the marginal cost.
O greater than or equal to the marginal cost.

Melissa let Jill cheat off of her during a history exam last week. Now Melissa is threatening to tell on Jill unless Jill pays her $50. Use
the decision tree below to determine the likely outcome of this situation.
Result
Tell
M: expelled
J: expelled
Рay
Melissa
M: $50
Don't tell
J:-$50
Jill
Tell
M: expelled
J: expelled
Don't pay
Melissa
M: 0
Don't tell
J: 0
O Jill will pay Melissa to keep her quiet and Melissa does not tell.
O Jill will pay Melissa to keep her quiet and Melissa will still tell.
O ill will not pay Melissa to keep her quiet and Melissa does not tell.
O Jill will not pay Melissa to keep her quiet and Melissa does tell.

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