Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 11, Problem 17SQ
To determine
The MFC of the 10th labor.
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Students have asked these similar questions
Question
20. SG store sells its products at a price of
$60,000 per unit. it is assumed that labor is the
only input that changes. it is known that the
marginal product of the 11th worker is 16
units, MU store pays its workers $150,000 per
day. What is the value of the marginal product
of labor for the 11th worker?
a. $2,400,000.
b. $480,000.
c $1,200,000.
d. $960,000.
What does diminishing marginal product imply?
The marginal cost of an extra worker is unchanged.
The marginal cost of an extra worker is less than the previous worker's marginal cost.
The marginal product of an extra worker is less than the previous worker's marginal product.
The marginal product of an extra worker is greater than the previous worker's marginal product.
Factor-Factor Decision Making. Using the following information, answer the questions.
y = 100
Px1 = $5 Py $3
Px2 = $2
Given:
TFC = $50
Labor
Water
x2
MRS.
3
4
8.
12
MRS, and insert above.
1.
Calculate the
What is the price ratio that should be used to determine cost minimization
combination?
2.
3.
What is the least cost combination of inputs?
15
4.
What is the total cost of producing 100 units of output?
5. How much profit was made?
964m
Chapter 11 Solutions
Micro Economics For Today
Ch. 11.3 - Prob. 1YTECh. 11 - Prob. 1SQPCh. 11 - Prob. 2SQPCh. 11 - Prob. 3SQPCh. 11 - Prob. 4SQPCh. 11 - Prob. 5SQPCh. 11 - Prob. 6SQPCh. 11 - Prob. 7SQPCh. 11 - Prob. 8SQPCh. 11 - Prob. 9SQP
Ch. 11 - Prob. 10SQPCh. 11 - Prob. 11SQPCh. 11 - Prob. 1SQCh. 11 - Prob. 2SQCh. 11 - Prob. 3SQCh. 11 - Prob. 4SQCh. 11 - Prob. 5SQCh. 11 - Prob. 6SQCh. 11 - Prob. 7SQCh. 11 - Prob. 8SQCh. 11 - Prob. 9SQCh. 11 - Prob. 10SQCh. 11 - Prob. 11SQCh. 11 - Prob. 12SQCh. 11 - Prob. 13SQCh. 11 - Prob. 14SQCh. 11 - Prob. 15SQCh. 11 - Prob. 16SQCh. 11 - Prob. 17SQCh. 11 - Prob. 18SQCh. 11 - Prob. 19SQCh. 11 - Prob. 20SQ
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