An increase in the supply of labour has the effect ofdecreasing theSelect one:O a. wage.b.marginal product of labour.O c. All of the answers are correct.O d. value of the marginal product of labour. Number ofWorkers012345OutputSelect one:O a. $400.O b. $200.O c. $100.d. $500.0100280Marginal Productof Labor806020Value of MarginalProduct of Labor$1,000$800$400Wage$500$500$500$500$500MarginalProfit$500$100Refer to the table above. To maximize its profit, the firm will hire workers as long as the value of the marginal product oflabour equals or exceeds

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An increase in the supply of labour has the effect of decreasing the Select one: a. wage. O b. marginal product of labour. O c. All of the answers are correct. O d. value of the marginal product of labour.

An increase in the supply of labour has the effect of decreasing the Select one: a. wage. O b. marginal product of labour. O c. All of the answers are correct. O d. value of the marginal product of labour.

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

An increase in the supply of labour has the effect of
decreasing the
Select one:
O a. wage.
b.
marginal product of labour.
O c. All of the answers are correct.
O d. value of the marginal product of labour.

Number of
Workers
0
1
2
3
4
5
Output
Select one:
O a. $400.
O b. $200.
O c. $100.
d. $500.
0
100
280
Marginal Product
of Labor
80
60
20
Value of Marginal
Product of Labor
$1,000
$800
$400
Wage
$500
$500
$500
$500
$500
Marginal
Profit
$500
$100
Refer to the table above. To maximize its profit, the firm will hire workers as long as the value of the marginal product of
labour equals or exceeds

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In the short run, the owner of a firm should continue to hire additional units of labor until: a. the price of the product is equal to the wage rate divided by the marginal product of labor. b. the wage rate is equal to the price of the product multiplied by the marginal product of labor. c. the marginal product of labor is equal to the wage rate divided by the product price. d. Both a and c are correct. e. All of the above are correct.
2. Capital A F E G B D Labor If the firm wants to produce the output level represented by the isoquant Qo, would you recommend production at point E or F or G? Please explain.