When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: A. The firm should hire less labor to pay minimum wage O B. The firm should use more capital to increase the labor productivit OC. The firm should demand more labors in order to get O D. The firm should use less capital and more labors to pay minimum cost maximum profit

When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: A. The firm should hire less labor to pay minimum wage O B. The firm should use more capital to increase the labor productivit OC. The firm should demand more labors in order to get O D. The firm should use less capital and more labors to pay minimum cost maximum profit

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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An increase in the average wage also causes the labor demand curve to shift to the O A. left because the use of machines decreases, causing the average wage to increase. B. right because the use of machines increases, causing labor to become more productive. C. left because the use of machines decreases, causing the marginal cost of labor to increase. O D. left because the use of machines decreases, causing labor to become less productive. O E. right because the use of machines decreases, causing the marginal product of labor to increase.
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You own a farm, you hire labor and capital to produce apples. The marginal product of the last unit of labor input is 15 and the marginal product of the last unit of capital input is 45. The market wage for labor is SB. If you are using the optimal combination of inputs, then the price of capital is? Select one: a. $45 Ob. $24 c. $360 Od. $3
A firm's demand curve for labor in a perfectly competitive market is the downward-sloping portion of its curve. Select one: a. average total cost b. marginal revenue C. total revenue d. value of the marginal product of labor
The demand for labor curve of nurses shifts rightward if the O A. supply of labor curve for nurses shifts rightward. O B. value of marginal product of nurses increases. OC. wage rate paid to nurses rises. O D. supply of labor curve for nurses shifts leftward. O E. wage rate paid to nurses falls.
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QUESTION 3 Two inputs, labour (L) and capital (K) are used to produce a given output. The Marginal Product of L is equal to K: the Marginal Product of K is equal to L The hourly wage is w = 1; the interest rate is r= 2. Which of the following mixes of inputs could be cost minimizing for some level of production? O a. (K-0, L=100) Ob.(K=100, L-200) OC (K-200, L=100) O d. (K-1, L=3) O e (K=0, L-3)
2 What is the law of diminishing returns? Why does the marginal product of labor eventually diminish?
in competitive labor market. O. The company's marginal expense of labor is equal to the company's salary O. Then the company can buy as much as it wants of labor at the same wage O. Then the salary that the company pays can be regarded as constant. O. All other options are correct.
Answer the question. Explain.
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