can produce 100 cookies per day, the cost of the average worker is $32 per day, and the price of a cookie is $1.00. Is the firm maximizing profit? The firm O A. is not maximizing profit because the marginal revenue product of labor is greater than the wage. O B. is not maximizing profit because the marginal revenue product of labor is less than the wage. O C. is maximizing profit because the marginal product of labor is greater than the wage. O D. is not maximizing profit because the price of the output is not equal to the wage. fit hocause the marginal product of labor is areater than ihe wage

can produce 100 cookies per day, the cost of the average worker is $32 per day, and the price of a cookie is $1.00. Is the firm maximizing profit? The firm O A. is not maximizing profit because the marginal revenue product of labor is greater than the wage. O B. is not maximizing profit because the marginal revenue product of labor is less than the wage. O C. is maximizing profit because the marginal product of labor is greater than the wage. O D. is not maximizing profit because the price of the output is not equal to the wage. fit hocause the marginal product of labor is areater than ihe wage

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 4 When Total Product of labors (TPL) is maximized then: O Average product (APL) equals zero Marginal product (MPL) equals zero O Marginal product (MPL) is maximized O Average product (APL) is maximized
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Labor 1 2 3 4 5 TP (or q) 5 22 APL 6 5 The price of labor, w, is $210 per unit and the price at which a competitive firm can sell its output is $30 per unit. In the short run it will hire A. 0 units of labor (shut down) B. 2 units of labor C. 3 units of labor D. 4 units of labor E. 5 units of labor The price of labor, w, is $210 per unit and the price at which a competitive firm can sell its output is $70 per unit. Its fixed costs are $100. In the short run, the firm makes a profit of A. -$100 B. $500 C. $530 D. $600 E. $700 MPL 6