Consider a factory that produces iPhones. This factory relies on both employees (labor) and machines (capital). Which of the following would decrease the demand for labor? O a. Public taste shifts away from iPhones towards Androids O b. The price of capital falls and labor is easily substituted for capital. O c. The factory has trouble hiring competent workers (workers become less productive). O d. (b) and (a) O e. all of the above

Q: How is the value of the marginal product of labour calculated? Select one: O a. by multiplying the…

A: Value of marginal product of labor =Marginal product of labor * price of the product.

Q: Job search is defined as O A. equivalent to job rationing. O B. attending school to increase your…

A: Job search is defined as an activity of looking for an acceptable, vacant job. Option A is incorrect…

Q: t an output level of 99, what is the cost minimizing combination of Labor and Kapital?      At an…

A: Cost minimization refers to the process of reducing the expenses incurred by a business to produce a…

Q: The following three kinds of technological change intue OA larger K. improved inputs, and new…

A: In long run, the technology will brings changes to production process, along with efficiency of…

Q: When the rental rate for capital falls, the capital O A. quantity demanded of, decreases O B. supply…

A: As per law of demand, when price of capital decreases (increases), quantity of capital demanded will…

Q: where p is thế pri 2w+v A profit-maximizing firm in a competitive market makes the following profit,…

A: 1) Where, p is the firm's output price, w is the costs of labor and v is the cost of capital. Now,…

Q: Marginal resource cost is Select one: O A. the change in total revenue associated with the…

A: Marginal resource cost (MRC) represents the additional cost a firm incurs when it hires one more…

Q: Suppose prices of labor and capital are $4 and $5 respectively. And 30 units of product A can be…

A: Cost is the expenditure that is occurred in producing goods and services in an economy. It is used…

Q: The short-run market supply curve is Select one: O a. horizontal at the current market price. O b.…

A: A market supply is derived by adding the supply curve of all individuals firms. This implies the…

Q: In the long run... Multiple Choice all inputs are fixed. None of these options are correct. the…

A: Long run in economics is a time period where firm can adjust all the costs whereas they can only…

Q: Suppose, inputs input prices do not change. If a given firm decides to double all its inputs, as a…

A: In a market, a firm uses input resources to generate output and the returns from input changes with…

Q: Jill runs a factory that makes lie detectors in Little Rock, Arkansas. This month, Jill's 34 workers…

A: When the total production increases due to the addition of one more unit of labour keeping all other…

Q: Higher input costs Oa) provide an incentive to hire more workers. O b) increase profits. Oc) always…

A: Answer Explanation When the input cost increases it leads to increase the cost of production…

Q: Which of the following is incorrect? As we take the partial derivative of the long-run cots function…

A: Long Run Cost is the total expenditure incurred in the production process for the production of…

Q: The table below gives information on the short-run relationship between the units of labor and…

A: Total Product(TP) is the overall output produced by all units of a production factor such as…

Q: Ralph runs a small bakery in D.C. He is debating whether he should extend his hours of operation. He…

A: In economics, profit maximizing refers to the behavior of firms when they seek to maximize their…

Q: 2. A manager hires labour and rents capital equipment in a very competitive market. Currently, the…

A: In the case of 2 variable inputs, labor(L) and capital(K), the firm maximizes output for a given…

Q: nside à workers and computers. Explain wh neans if skilled workers and computers are complements in…

A: Skilled workers and Computers are two inputs and Complement each other to production. Two inputs are…

Q: QUESTION 9 A firm's value added equals its revenue minus all of its costs. its revenue minus its…

A: Value-added is the additional economics enhancement done by the company to its good and services…

Q: Suppose a firm is operating at an input combination such that MRTS,LK How should the firm adjust its…

A: Firm will maximize profits when MRTS is equal to price ratio of two inputs.

Q: In economics, the term O A. optimal O B. marginal O C. allocative O D. equity means "additional"…

A: Economics:It is a subject matter that focuses on the rational management of scarce resources that…

Q: Suppose that a firm sells its output in a perfectly competitive output market. If the price at which…

A: Perfect competition refers to the situation where there are large number of prouder and consumers…

Q: 2 8 PRICE (Dollars per overalls) X 54 22 10 w O O O 6 O MC AVC 6 2 4 8 10 12 14 10 18 QUANTITY…

A: A competitive market consists of a number of buyers and sellers where none of the buyers and sellers…

Q: Price Marginal Product Input 1 $10 4 Input 2 $15 A Input 3 $20 B Refer to the table above. If A = 6…

A: Following is the given information: Price of input 1 = $10 Price of input 2 = $15 Price of input 3 =…