Top Posters
Since Sunday
y
2
m
2
m
2
u
2
m
2
B
2
M
2
e
2
k
2
N
2
y
2
m
2
Home Q & A Board Other Fields Homework Help Business Economics
New Topic  
Chocolate_Pie Chocolate_Pie
wrote...
Go to Answer
Posts: 125
Rep: 0 0
2 years ago

The demand and supply curves shown below apply to a competitive market for a factor used in the production of widgets.

Short description: A graph plots quantity of factor against factor price in dollars. Long description: The horizontal axis representing the number of factors ranges from 0 to 60, in increments of 10. The vertical axis representing factor price (dollars) ranges from 5 to 11, in increments of 1. The graph plots two lines and five points. The five points are as follows: A (20, 6), B (40, 8), C (50, 9), D (30, 11), and E (30, 7). From all five points, a horizontal dashed line and a vertical dashed line are drawn to meet the axes. Line, S passes through the following points: A, E, B, and C. Line, D passes through the following points: D and B. The two lines intersect at B.

FIGURE 13-2

Refer to Figure 13-2. This factor market is in equilibrium at point B. What is the marginal revenue product of the 40th unit of the factor employed?



▸ $8 multiplied by the marginal revenue of the 40th unit employed

▸ $8

▸ the marginal product of the 40th unit employed multiplied by the wage

▸ $320

▸ $8 multiplied by the price of the product
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
Read 48 times
1 Reply
Replies
Answer verified by a subject expert
jd1044jd1044
wrote...
#1
Posts: 135
Rep: 0 0
2 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

Chocolate_Pie Author
wrote...

2 years ago
Thank you, thank you, thank you!
Natalie Price
wrote...

Yesterday
Brilliant ツ
Smair87
wrote...

2 hours ago
Good timing, thanks!
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  410 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 191
  
 235
  
 345
Your Opinion
Which industry do you think artificial intelligence (AI) will impact the most?
Votes: 486
Previous poll results: Which of the following is the best resource to supplement your studies: