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Posts: 67
3 weeks ago

Question 1.

For a firm that is a price taker in the market for labor, the marginal revenue product of labor equals the

• marginal product of labor multiplied by the wage rate.

• marginal product of labor multiplied by the product price.

• marginal product of labor divided by the wage rate.

• marginal product of labor multiplied by the marginal cost of production.

Question 2.

The change in a firm's revenue as a result of hiring one more worker

• is the definition of the marginal product of labor.

• is equal to the firm's marginal cost.

• is the definition of the marginal revenue product of labor.

• will be negative if the demand for the firm's output is inelastic.
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Microeconomics
Edition: 7th
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Answer 1

marginal product of labor multiplied by the product price.

Answer 2

is the definition of the marginal revenue product of labor.
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wrote...
3 weeks ago
Brilliant
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