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Suppose that the labor cost to total cost ratio in industry A is 25 percent, while in industry B it is 72 percent. Other things equal, labor demand will be Multiple Choice relatively elastic in both industries A end 8 more elestic in industry B than in A relatively inelastic in both industries A and 8 more elastic in industry A than in B Suppose a fem is hiring resources /and m under purely compettive conditions to produce product Y, which sels for $4 in a purely competitive market The prices of land m $24 and $12. respectively, In equilibrium, the MPs of land m respectively, are Mutipie Choice 24 and 12 Gand3 12 and 24 and 20 Next> A farmer who has foxed amounts of land and capital finds that total product is 24 for the fest worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when fout are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker The marginal revenue product of the second worker is Mutiole Choie $15 $24 < Prev 10 of 20 Next>

Suppose that the labor cost to total cost ratio in industry A is 25 percent, while in industry B it is 72 percent. Other things equal, labor demand will be Multiple Choice relatively elastic in both industries A end 8 more elestic in industry B than in A relatively inelastic in both industries A and 8 more elastic in industry A than in B Suppose a fem is hiring resources /and m under purely compettive conditions to produce product Y, which sels for $4 in a purely competitive market The prices of land m $24 and $12. respectively, In equilibrium, the MPs of land m respectively, are Mutipie Choice 24 and 12 Gand3 12 and 24 and 20 Next> A farmer who has foxed amounts of land and capital finds that total product is 24 for the fest worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when fout are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker The marginal revenue product of the second worker is Mutiole Choie $15 $24 < Prev 10 of 20 Next>

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose that the labor cost to total cost ratio in industry A is 25 percent, while in industry B it is 72 percent. Other things equal, labor demand will be Multiple Choice relatively elastic in both industries A and B more elestic in industry B thaon in A relatively inelastic in both industries A and B more elastic an industry Athan in R Suppose a fem is hiring resources land m under purely competitive conditions to produce product Y. which sels for $4 in a purely competitive market The prices of land mare $24 and $12. respectively. In equilibrium, the MPs of /and m respectively, are Multipie Choice 24 and 12 6and3 12 and 24 3 and 6 1d 20 Next> A farmer who has foxed amounts of land and capital finds that total product is 24 for the fiest worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $3 per unit, and the wage rate is $13 per worker, The marginal revenue product of the second worker is Multiole Choice $15 $24 < Prev 10 of 20 Next>
Transcribed Image Text:Suppose that the labor cost to total cost ratio in industry A is 25 percent, while in industry B it is 72 percent. Other things equal, labor demand will be Multiple Choice relatively elastic in both industries A and B more elestic in industry B thaon in A relatively inelastic in both industries A and B more elastic an industry Athan in R Suppose a fem is hiring resources land m under purely competitive conditions to produce product Y. which sels for $4 in a purely competitive market The prices of land mare $24 and $12. respectively. In equilibrium, the MPs of /and m respectively, are Multipie Choice 24 and 12 6and3 12 and 24 3 and 6 1d 20 Next> A farmer who has foxed amounts of land and capital finds that total product is 24 for the fiest worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $3 per unit, and the wage rate is $13 per worker, The marginal revenue product of the second worker is Multiole Choice $15 $24 < Prev 10 of 20 Next>
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