Question
In: Economics
1. The wage paid to workers is ________ than marginal revenue product and _______ than marginal...
1.
The wage paid to workers is ________ than marginal revenue product and _______ than marginal resource cost for a monopsonist in equilibrium.
|
less; less |
||
|
less; greater |
||
|
greater; less |
||
|
greater; greater |
2.
Farmer A and B share a farm and are equally good at their job; however, Farmer B does not like to wake up early, the long hours, or working in bad weather. Fortunately, Farmer A does not mind these drawbacks. The $50,000 annual salary is just enough to retain Farmer B. What can be concluded about what Farmer A is earning?
|
Differential rent |
||
|
Inframarginal rent |
||
|
Agricultural subsistence rent |
||
|
Pure economic rent |
Solutions
Expert Solution
1.A) less ,less
The wage paid to workers is less than marginal revenue product and less than marginal resource cost for a monopsonist in equilibrium.
2.D) Pure Economic rent
This is pure Economic rent . giving $ 50000 annual salary to B is fixed amount which is given by one owner of land to another owner of land.
Rahul Sunny answered 2 years agoRelated Solutions
1.Table 27 Labor Output Marginal Product of Labor Marginal Revenue Product of Labor Wage 0 0...
1.Table 27
Labor
Output
Marginal Product
of Labor
Marginal Revenue
Product of Labor
Wage
0
0
---
---
---
1
400
400
$800
$450
2
700
300
$600
$450
3
950
250
$500
$450
4
1050
100
$200
$450
Refer to Table 27. How many workers should the
firm hire?
A.1
B. 2
C. 3
D. 4
2. If education produces positive externalities and the
government does not intervene in the market, we would expect
Group of answer choices
A....
1: Marginal revenue product equals a. marginal revenue multiplied by marginal product b. marginal product multiplied...
1:
Marginal revenue product equals
a.
marginal revenue multiplied by marginal product
b.
marginal product multiplied by total revenue
c.
total revenue multiplied by total product
d.
marginal revenue multiplied by total product
2:
The long-run is a period of time
a.
during which at least one input is variable
b.
during which at least one input is fixed
c.
sufficient to vary all inputs in the production process
d.
greater than one year
3:
Marginal cost equals
a.
average...
QUESTION 1 - Scenario: Assume the marginal revenue product, MRP, for minority workers is given by...
QUESTION 1 - Scenario: Assume the marginal revenue product, MRP,
for minority workers is given by MRP = 40 − 5Nm , where Nm is the
number of minority workers. The market wage for minorities is
$5/hr. Discriminating firms devalue the contributions of minorities
at a rate of$5/hr (i.e., d=5).
How many minority workers do non-discriminating firms hire?
Supply integer value in your answer.
QUESTION 2 - Stay with scenario in Q1. What is the profit level
of non-discriminating firm...
1. What percentage of American workers get paid above minimum wage? In general, why do such workers get paid more than the government-mandated minimum wage?
1. What percentage of American workers get paid above minimum
wage? In general, why do such workers get paid more than the
government-mandated minimum wage?2. Based on your previous responses, do you believe that the
minimum wage should be raised, lowered, remain as it currently is,
or be altogether eliminated? If you think there should be a
minimum wage, how would you arrive at the specific
wage?
A firm will purchase additional workers as long as worker's Select one: a. marginal revenue product...
A firm will purchase additional workers as long as
worker's
Select one:
a. marginal revenue product is greater than zero
b. marginal revenue product is greater than or equal to its
marginal resource cost
c. marginal revenue product equals the product price
d. marginal revenue product is less than its marginal resource
cost
e. total revenue product is greater than its marginal resource
cost
A firm will purchase additional workers as long as
worker's
Select one:
a. marginal revenue product...
What is marginal revenue? What is marginal cost? Why is a monopolist's marginal revenue less than...
What is marginal revenue?
What is marginal cost?
Why is a monopolist's marginal revenue less than the price it
charges for its product? d) Explain why marginal revenue and
marginal cost are important determinants of a monopolist's profit
maximizing price and output. As part of your answer, explain the
process in a monopolistic market at an output below the profit
maximizing output, and at the output above, and why the profit
maximizing output is eventually chosen.
What is marginal revenue? What is marginal cost? Why is a monopolist's marginal revenue less than...
What is marginal revenue?
What is marginal cost?
Why is a monopolist's marginal revenue less than the price it
charges for its product? d) Explain why marginal revenue and
marginal cost are important determinants of a monopolist's profit
maximizing price and output. As part of your answer, explain the
process in a monopolistic market at an output below the profit
maximizing output, and at the output above, and why the profit
maximizing output is eventually chosen.
How would raising marginal tax rates (lowering the wage)affect low-income workers differently than high- income workers?
How would raising marginal tax rates (lowering the wage)affect
low-income workers differently than high- income workers?
Suppose that a firm finds that its low-productivity workers have a marginal revenue product of $21,000...
Suppose that a firm finds that its low-productivity workers have
a marginal revenue product of $21,000 per year and that its
high-productivity workers have a marginal revenue prod- uct of
$35,000 per year. The cost of receiving a year’s worth of higher
education is $4,000 for a low-productivity worker and $3,200 for a
high-productivity worker. (This cost can be thought of as repayment
on loans that have been incurred in the process of obtaining the
education.) The firm plans to...
For a monopolist: Price is greater than marginal revenue. Marginal revenue equals zero. Marginal cost equals...
For a monopolist:
Price is greater than marginal revenue.
Marginal revenue equals zero.
Marginal cost equals zero.
Average total cost equals marginal cost.
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- The legal landscape is perpetually changing. Psychologists must remain abreast of these changes to avoid potentially...
- We are evaluating a project that costs $1.68 million, has a six-year life, and has no...
- In C++ Having call-by-reference allows one to use storeback parameters, i.e., parameters whose values are transmitted...
- You must evaluate a proposal to buy a new milling machine. The base price is $175,000,...
- “Triangle Guessing” game in Python The program accepts the lengths of three (3) sides of a...
- THIS PROGRAM HAS TO BE WRITTEN IN C Single function to perform the parity computation on...
- Consider a buffer system consisting of Benzoic acid (pKa = 4.20) and sodium benzoate, a) Would...
ADVERTISEMENT