The marginal cost of production equals the _______________divided by the marginal product of the variable labor...
The marginal cost of production equals the _______________divided by the marginal product of the variable labor input.
Select one:
a. Average cost
b. Fixed cost
c. Wage rate
d. Price of the good
Homework Answers
The correct answer is: c)
Reason: by definition,
Marginal Cost = wage / Marginal Product of labor
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The marginal cost of production equals the
_______________divided by the marginal product of the variable
labor...
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1)The marginal product of labor is equal to the A. total product divided by the total number of workers hired. B. increase in the total product that results from hiring one more worker. C. slope of the marginal product of labor curve. D. None of the above answers are correct. 2) The marginal product of labor is the increase in total product from a A. one dollar increase in the wage rate, while holding the price of capital constant. B....
1. An increase in the supply of labor, the variable factor of production, will cause a monopsonist's: a. marginal revenue product curve to shift up b. marginal revenue product curve to shift...
1. An increase in the supply of labor, the variable factor of production, will cause a monopsonist's: a. marginal revenue product curve to shift up b. marginal revenue product curve to shift down arginal factor cost curve to shift up marginal factor cost curve to shift down ARP e. both "a" and "c" are correct answers f. both "b" and "c" are correct answers g. both "a" and "d" are correct answers h. both "b" and "d" are correct answers...
A firm hires labor and capital to produce tomatoes. Currently the marginal product of the last...
A firm hires labor and capital to produce tomatoes. Currently the marginal product of the last unit of labor input is 20 and the marginal product of the last unit of capital input is 30. The market wage for labor is $10 a. If the firm is using the optimal combination of inputs, then the price of capital is? Select one: a. $15 b. $50 c. $3 d. $20
A firm hires labor and capital to produce grapefruits. Currently the marginal product of the last...
A firm hires labor and capital to produce grapefruits. Currently the marginal product of the last unit of labor input is 40 and the marginal product of the last unit of capital input is 60. The market wage is $20, if the firm is using the optimal combination of inputs, then the price of capital is Select one: a. $30 b. $20 c. $100 d. $40
Your company identifies the amount of output where marginal revenue equals marginal cost; at this amount...
Your company identifies the amount of output where marginal revenue equals marginal cost; at this amount of output, the price is below average total cost but above average variable cost. Your company should expect Select one: a. to break even or earn a normal profit. b. to earn above-normal economic profit. c. to take losses, but should continue in operation in order to avoid a greater loss of fixed costs. d. to take such large losses that it should cease...
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26.1 A monopolist produces a good using only one factor, labor. There are constant returns to scale in production, and the demand for the monopolist's product is described by a downward- sloping straight line with slope -1. The monopolist faces a horizontal labor supply curve. If the monopolist chooses output to maximize profits, then the: (a) marginal cost of labor to the monopolist exceeds the wage. (b) marginal product of labor times price of output equals the wage. (c) marginal...
28) The law of diminishing returns, as it applies to labor, means that A) the marginal...
28) The law of diminishing returns, as it applies to labor, means that A) the marginal product of labor will eventually be a horizontal line at zero. B) the average product of labor starts to decline before the marginal product of labor. C) total output eventually decreases. D) the average product of labor increases at a decreasing rate. E) the marginal product of labor eventually decreases as more labor is added with capital held fixed. 29) A firm's short-run labor...
he following graph shows the marginal and average product curves for labor, the firm's only variable input. The mon...
he following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for laboris $2,000. Fixed cost is $120,00 pedictofon When the firm uses 100 units of labor, what is marginal cost at this level of output? O $25 O 533 33 $90 O $180 O $2000 References 1-ntre 2 exposure Starter Pack
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function....
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? c) What is Randy's average variable cost if 60 wands are produced? d) What is Randy's marginal cost of producing the 35th wand? e)...
Marginal Cost (dollars) Marginal Physical Total Total Product of Variable Fixed Variable Input Fixed Input Input...
Marginal Cost (dollars) Marginal Physical Total Total Product of Variable Fixed Variable Input Fixed Input Input Variable Cost Cost Output (units) (units) (units) (units) (dollars) (dollars) $500 $0 $500 $200 $500 $400 $500 $600 $500 $800 $500 $1000 Refer to Exhibit 21-3. The average variable cost of producing 45 units of output is a. S2.44 (E) b. S1.60. c. $2.00. d. S1.33. e. $13.33.
1. An increase in the supply of labor, the variable factor of production, will cause a monopsonist's: a. marginal revenue product curve to shift up b. marginal revenue product curve to shift down arginal factor cost curve to shift up marginal factor cost curve to shift down ARP e. both "a" and "c" are correct answers f. both "b" and "c" are correct answers g. both "a" and "d" are correct answers h. both "b" and "d" are correct answers...
28) The law of diminishing returns, as it applies to labor, means that A) the marginal product of labor will eventually be a horizontal line at zero. B) the average product of labor starts to decline before the marginal product of labor. C) total output eventually decreases. D) the average product of labor increases at a decreasing rate. E) the marginal product of labor eventually decreases as more labor is added with capital held fixed. 29) A firm's short-run labor...
he following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for laboris $2,000. Fixed cost is $120,00 pedictofon When the firm uses 100 units of labor, what is marginal cost at this level of output? O $25 O 533 33 $90 O $180 O $2000 References 1-ntre 2 exposure Starter Pack
Labor Total product (workers) (wands per day) The table above shows Randy's Wands' short-run production function. Randy hires workers at a wage rate of $120 a day and his total fixed cost is $400/day. a) What is the marginal product of the 3rd worker? b) What is Randy's average fixed cost if 25 wands are produced? c) What is Randy's average variable cost if 60 wands are produced? d) What is Randy's marginal cost of producing the 35th wand? e)...
Marginal Cost (dollars) Marginal Physical Total Total Product of Variable Fixed Variable Input Fixed Input Input Variable Cost Cost Output (units) (units) (units) (units) (dollars) (dollars) $500 $0 $500 $200 $500 $400 $500 $600 $500 $800 $500 $1000 Refer to Exhibit 21-3. The average variable cost of producing 45 units of output is a. S2.44 (E) b. S1.60. c. $2.00. d. S1.33. e. $13.33.
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