Answered: From the above table, the diminishing…

From the above table, the diminishing marginal return begins with. employee. Select one: O A. Second O B. Fifth O C. Fourth O D. First O E. Third

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
Before the sick pay policy was instituted, teachers received no pay for days that they did not work. Consider a teacher who, prior to the introduction of sick pay, took 50 days of sick leave. According to labor supply theory, how will introduction of the sick pay policy described above change the amount of sick leave that this teacher takes? #1 Sick leave will increase because of substitution and income effects that reinforce each other. O Sick leave will increase because of a substitution effect. O Sick leave will not change. O Sick leave will increase because of an income effect. O The change in sick leave is indeterminate because of conflicting substitution and income effects.
In the specific factors model, labour is defined as a ............. while as a specific factor. O a. variable factor; labour O b. mobile factor; land. O c. intensive factor; food O d. specific factor; cloth e. fixed factor; technology is treated
Resource use is efficient when ..... O A. it is not possible to make someone better off without making someone else worse off O B. workers receive an income equal to that made by their employers OC. new resources are constantly being discovered and no resource depletion occurs O D. wealth is spread equally throughout society
One of the following is not truc about the characteristics of well-behaved indifference curves: A. They are convex to the origin B. All points on an indifference curve vield the same level of satisfaction C. They are straight line D. As we move closer to the origin, the level of satisfaction will diminish E. None 5. When the short run average product of labor is declining but positive, the marginal product of labor is, C. Zero D. Any of the above is possible A. Negative B. Declining 6. When marginal utility is positive and declining, A. Total utility decreases at a diminishing rate B. Total utility increases at a diminishing rate C. Total utility increases at an increasing rate D. Total utility is negative 7. If the price elasticity of demand is less than 1 and price increases by 8%, then, quantity demand will, C. Increase by more than 8% A. Decrease by less than 8% D. Remains the same B. Decrease by more than 8% 8. refers to attitude of an individual who prefers risk income than…
11. The marginal product of the 3rd worker (see figure below) is: Toni Product 75 66 57 42 15 Labor (units) a. 57 b. 19. O 15. d. 11.
Q34 Justin Trudeau, who owns a barbershop in Ottawa, charges $8 per haircut. By hiring one barber named Sophie at $11 per hour, the shop can provide 22 haircuts per eight-hour day. By hiring a second barber, Gregoire, at the same wage rate, the shop can now provide a total of 42 haircuts per day. The MP of Gregoire, the second barber is Multiple Choice 42 haircuts. 20 haircuts. $242. is negative. $176.
Given labour market equilibrium with identical workers, as set out in CORE Select one or more: O a. Unemployment is always voluntary b. Workers who are involuntarily unemployed cannot gain a job at any wage O c. A Nash equilibrium exists O d. Measured unemployment will be zero
Wage Rate D₁ D₂ Quantity of Labor Refer to the above graph. What will shift D₁ to D₂? O An increase in the price of a substitute input (if the output effect is greater than the substitution effect) O A decrease in the price of a substitute input (if the substitution effect is greater than the output effect) O A decrease in the price of a substitute input (if the output effect is greater than the substitution effect) An increase in the price of a complementary resource
w ouseunus varI EUITE wrien purchase in factor markets. rirms factors Suppose Eleanor earns $550 per week working as a corporate attorney for Rowan and Martin Associates. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Darnell $400 per week to wash cars. Darnell uses $375 to purchase legal service from Rowan and Martin Associates, Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Eleanor earns $s50 per week working for Rowan and Martin Associates. Darnell spends $375 to purchase legal service from Rowan and Martin Associates, Eleanor spends $10 to gether car washed. olo