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lurielbank lurielbank
wrote...
Posts: 356
Rep: 8 0
A week ago

Question 1.

A firm's demand for labor curve is also called its



marginal benefit of labor curve.



marginal factor cost of labor curve.



marginal revenue product of labor curve.



marginal valuation curve.



Question 2.

Table 17-1

Quantity of Labor Output (units)
1  80
2170
3240
4300
5350
6390
7420


Refer to Table 17-1. The marginal product of the fourth unit of labor is



300.



75.



60.



15.

Textbook 

InMicro


Edition: 1st
Authors:
Read 57 times
8 Replies

Related Topics

Replies
wrote...
A week ago

Answer 1

marginal revenue product of labor curve.



Answer 2

60.

wrote...
A week ago
I appreciate what you did here, answered it correctly Smiling Face with Open Mouth
wrote...
A week ago

Question 1.

Table 17-1

Quantity of Labor Output (units)
1  80
2170
3240
4300
5350
6390
7420


Refer to Table 17-1. If the output price is $3, what is the marginal revenue product of the fifth unit of labor?



$1,050



$360



$210



$150



Question 2.

Table 17-1

Quantity of Labor Output (units)
1  80
2170
3240
4300
5350
6390
7420


Refer to Table 17-1. Suppose the output price is $3. If the firm represented in the table is maximizing its profit by hiring six workers, what is the wage rate?



$120



$65



$40



There is insufficient information to answer the question.

all is normal
wrote...
A week ago

Answer 1

$150



Answer 2

$120

wrote...
A week ago

Question 1.

Table 17-1

Quantity of Labor Output (units)
1  80
2170
3240
4300
5350
6390
7420


Refer to Table 17-1. Suppose the output price is $3. If the wage rate is $90, what is the profit-maximizing quantity of labor that the firm should hire?



7 units



5 units



4 units



3 units



Question 2.

Firms use information on labor's marginal revenue product to determine



how many workers to hire at each wage rate.



how much labor services to supply at each wage rate.



how much to produce at each output price.



how much marginal product to produce at each wage rate.

all is normal
wrote...
A week ago

Answer 1

7 units



Answer 2

how many workers to hire at each wage rate.

wrote...
A week ago
This helped my grade so much
all is normal
wrote...
A week ago
Perfect
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