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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Using the graph on the right, determine how the firm should change the quantity of the production factors in order to reduce the costs. The firm that is producing at point A can reduce its costs for producing 900 units by employing A. same capital and more labour. B. more capital and more labour. O C. less capital and more labour. D. more capital and less labour. E. less capital and the same labour. OO ỗ Q=1800 Q = 900 Isocost line OU
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Diminishing marginal returns occur because O average and marginal relationships behave very differently with respect to each other. O workers in some industries lack an adequate formal education. O producers are not careful enough in the manufacturing process. O the efficiency of variable resources depends on the quantity of the fixed resources.
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Confused on how to solve the graph and the blanks First blank: suffer economic losses or earn economic profits Second blank: Shift leftward or remain unchanged or shift rightward Third blank: A high-cost industry An increasing-cost industry A low-cost industry Or a decreasing-cost industry
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