Question

In: Economics

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 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 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

Tim's sandwiches, a leading producer of frozen sandwiches, is considering hiring more workers to keep up with expanding demand. If Tim's wishes to maximize profits, it should hire more workers as long as

Select one:

a. the additional revenue generated by each additional worker is positive.

b. the additional revenue generated by the next worker to be hired is greater than the additional cost of hiring that worker.

c. the additional revenue generated by selling one more sandwich is greater than the hourly wage of the next worker.

d. each additional worker can produce at least as many sandwiches per hour as the average of all the other workers.

If 25 workers produce a total of 2,500 widgets and 26 workers produce a total of 2,574 widgets,

Select one:

a. the marginal product of the 26th worker is 2,574

b. the marginal product of the 26th worker is 100 widgets

c. the marginal product of the 26th worker is 74 widgets

d. the marginal product of the 26th worker is 99 widgets

e. diminishing returns begins with the 26th worker

(DO NOT NEED TO PROVIDE EXPLANATION!)

Solutions

Expert Solution

Rahul Sunny answered 9 months ago

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