п»їCh. 18

Desk 18-1

Range of Workers (L)

Output of

Organization A

Result of

Firm W

Output of

Firm C

Output of

Firm M

1

95

100

90

100

2

200

three hundred

190

eighty

3

300

600

270

60

4

400

one particular, 000

340

40

1 . Refer to Desk 18-1. Which will firm's creation function displays diminishing marginal product? a.

Firm A

b.

Company B

c.

Firm C

d.

Organization D

ANS: C

2 . Which in the following statements is correct?

a.

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.

c.

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.

$35

b.

$70

c.

$700

d.

Do not have enough information to answer this question.

ANS: A

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.

$540

m.

$600

c.

$675

g.

$810

ANS: C

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.

2

b.

several

c.

5

d.

your five

ANS: 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.

$540

m.

$700

c.

$720

d.

$1, 080

ANS: A

7. Make reference to Figure 18-1. The shape of the curve suggests...

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