Range of Workers (L)
one particular, 000
1 . Refer to Desk 18-1. Which will firm's creation function displays diminishing marginal product? a.
2 . Which in the following statements is correct?
An increase in the provision of other factors, such as capital, will increase the necessity for labor. b.
Labor-saving technology raises the demand to get labor.
Labor-augmenting technology will decrease the demand for labor. d.
A decrease in the price tag on output increases the demand to get labor. ANS: A
three or more. Suppose that a competitive company hires labor up to the point where the value of the marginal product equals the wage. In the event the firm compensates a wage of $700 per week and the marginal merchandise of labor equals twenty units weekly, then the limited cost of producing an additional device of outcome is a.
Do not have enough information to answer this question.
Determine 18-1. On the graph, D represents the amount of labor and Q symbolizes the quantity of output per week.
four. Refer to Determine 18-1. Assume the company hires every unit of labor to get $600 a week, and each device of outcome sells to get $9. Precisely what is the value of the marginal merchandise of the third worker? a.
your five. Refer to Determine 18-1. Presume the firm hires every unit of labor to get $700 each week, and each unit of output sells intended for $9. How many personnel will the company hire to maximize its income? a.
6. Label Figure 18-1. Suppose the firm sells its end result for $12 per device, and it pays each of its employees $700 a week. The value of the marginal merchandise of the 6th worker is actually a.
7. Make reference to Figure 18-1. The shape of the curve suggests...