Remaining Time: 1 hour, 25 minutes, 51 seconds.* Question Completion Status:QUESTION 14When the marginal revenue product of labor (MRPL) is greater than the wage (W) then:The firm should demand more labors in order to get maximum profitO The firm should use more capital to increase the labor productivityO The firm should use less capital and more labors to pay minimum costO The firm should hire less labor to pay minimum wageQUESTION 15A firm will earn normal profits when price:O Equals marginal cost (MC)O Equals average variable cost (AVC)O Equals average total cost (AC)O Exceeds minimum average total cost (AC)Click Save and Submit to save and submit. Click Save All Answers to save all answers.DEL * Question Completion Status:QUESTION 14When the marginal revenue product of labor (MRPL) is greater than the wage (W) then:O The firm should demand more labors in order to get maximum profitO The firm should use more capital to increase the labor productivityO The firm should use less capital and more labors to pay minimum costO The firm should hire less labor to pay minimum wageQUESTION 15A firm will earn normal profits when price:O Equals marginal cost (MC)O Equals average variable cost (AVC)O Equals average total cost (AC)O Exceeds minimum average total cost (AC)Click Save and Submit to save and submit. Click Save All Answers to save all answers.

QUESTION 14 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: O The firm should demand more labors in order to get maximum profit O The firm should use more capital to increase the labor productivity O The firm should use less capital and more labors to pay minimum cost O The firm should hire less labor to pay minimum wage QUESTION 15 A firm will earn normal profits when price: O Equals marginal cost (MC) O Equals average variable cost (AVC) O Equals average total cost (AC) O Exceeds minimum average total cost (AC)

QUESTION 14 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: O The firm should demand more labors in order to get maximum profit O The firm should use more capital to increase the labor productivity O The firm should use less capital and more labors to pay minimum cost O The firm should hire less labor to pay minimum wage QUESTION 15 A firm will earn normal profits when price: O Equals marginal cost (MC) O Equals average variable cost (AVC) O Equals average total cost (AC) O Exceeds minimum average total cost (AC)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

1] The scale effect of an increase in the wage a) only impacts firm decisions in the short run b) will cause the firm to reduce use of both capital and labor c) affects the firms demand for labor, but not its demand for capital d) refers to the firms increase in demand for now relatively cheap capital
Please solve step-by-step
Candice’s’ Cookies is a new cookie delivery company in Gainesville, Florida. The firm hires local college students to sell cookies door-to-door in higher income neighborhoods. Each of these “Sales Associates” sells cookies, which increases Candice’s Cookies’ total revenue, but must be paid an hourly wage. The graph below depicts Candice’s Cookies’ demand for labor curve when the retail price of a cookie is $2. Show Transcribed Text Part (i): Suppose that the retail price of a cookie is $2.50. What is the marginal product of the 4th Sales Associate? 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies Part (ii): Suppose that the retail price of a cookie is $2.50. What is the marginal product of the 6th Sales Associate? 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies Part (iii): Suppose that the retail price of a cookie is $2. What is the marginal product of the 8th Sales Associate? 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies
please show complete graph with labels
4 total cost is c(4, r, q) 5 total 75. If Firm A has constant marginal cost, and input prices double to 2r and 2w, how much will it cost to produce q 6 units of output (what is c(6, 2r, 2w))? (HINT: First calculate the marginal cost for c(q, r, w), then calculate c(6, r, w), and then calculate c(6, 2r, 2w)) = Firm A has cost function c(q, r, w). At output q = cost is c(5,r, q) ○ c(6, 2r, 2w) ○ c(6, 2r, 2w) = 90 ○ c(6, 2r, 2w) = 150 c(6, 2r, 2w) O c(6, 2r, 2w) = 180 - = - 75 160 = 60, and at output q -
Demand for Resources A small manufacturing company has the following daily relationship between labor and output: Units of Total Labor Product 1 2 21 3 35 52 61 65 61 7 If the firm sells into a perfectly competitive market and the equilibrium price is $3.25 per unit, compute the following: Marginal Units of Marginal Product Revenue Labor Product 1 2 3 5 7 How many workers will the firm hire is the market wage rate (includining benefits) is $30.00? Wł 3 How many workers will the firm hire is the market wage rate(includining benefits) is $20.00? 4 If the equilibrium price per unit of output dencreases, what would you expect to happen to the number of workers hired? If the firm sells in a imperfectly competitive market such that price per unit starts at $4.50 per ur declines by $0.10 per unit as more as sold, what do you think would happen to the number of labor units hired at $30.00 per unit? 5 2.
For a firm selling goods in a perfectly competitive market, the price of their output is A. equal to the marginal revenue product of labour B. equal to the marginal revenue product of capital C. equal to the marginal revenue associated with an additional unit of output D. equal to the marginal product of labour
Answer fast this MCQ question.......
a) Calculate the marginal rate of product transformation between points A and B b) Calculate the marginal rate of product transformation between points C and D
V3 given froduction function F=K^1/4 L^1/16 price of capital and labor are v and w 1)find short run cost function with quantity X, and that there are Y amount of capital purchased 2)find the long run contigent demand for capital and labor
The expansion path of a firm gives five different quantities of output such as 10,20,30,40 and 50 units; and the price of labor is $25 and the price of capital is $100 per unit. The table shows the long-run costs of the firm at given quantities of output. Q L K LTC( $) LAC( $) LMC ($) 10 64 20 3600 360 360 20 120 40 7000 350 340 30 200 58 10800 360 380 40 288 80 15200 380 440 50 440 90 20000 400 480 a. With the help of graph, analyze the properties of LAC and LMC b. Interpret and evaluate the numerical and graphical data and illustrate the relationship between LAC and LMC