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1. Which of the following concepts represents the extra revenue a firm receives from the services of an additional unit of a factor of production? a. total revenue b. marginal physical product c. marginal revenus product d. marginal revenue 2. Workers Quantity Produced 1 15 2 28 3 39 4 48 5 55 6 60 This company is a profit-maximizing firm selling in a competitive product market and hiring in a competitive labor market. It uses semi-skilled labor to produce dampers used in office building ventilation systems. Assume that the current market price per damper is $50 and that the prevailing weekly salary per semi-skilled worker is $550. This company should employ ______ workers. a. 2 b. 3 c. 4 d. 5 e. 6 3. The demand for labor is the same as the a. marginal revenue product b. marginal physical product c. marginal cost d. wage 4. The demand for labor slopes down and to the right because of a. the law of demand b. the iron law of wages c. the law of diminishing marginal returns d. economies of scale 5. The demand for labor will be more elastic if: a. there are few substitutes for labor b. there is a short time under consideration c. labor is a large percent of the total cost of production d. the demand for the product is relatively inelastic e. all of the above 6. Skills that can be transferred to other employers are called: a. general skills b. specific skills c. non-pecuniary skills d. all of the above 7. Which skills are most likely to be paid for by the employer? a. General skills b. Specific skills c. Educational skills 8. If worker A earns more in wages than worker B, it could be because: a. The product made by worker A sells for a higher price than that made by worker B b. Worker A uses more capital per worker than worker B c. Worker A has more natural ability than worker B d. All of the above 9. Skills that embodied in a person are called a. Human capital b. Embodied skills c. Physical capital d. Experience skills 10. "Treating an individual as typical of a group" is the definition of a. pure discrimination b. statistical discrimination c. human capital d. specific skills
explain market equilibrium under monopolistic competition. why does price charged by typical firm exceed minimum
choose one 1 of the following organizations to research google zappos southwest hewlett packard xerox w.l. gore dupont
Describe the economic impacts of subsidizing beef, pork, corn, soybeans, rice, and wheat on U.S. food prices and food prices in other countries, and how any negative impacts can be minimized.
what is a market? how do you define the proper market size identify potential competitors for a particular product? why
Sleak Teak builds yard furniture using domestic hardwoods and (in a smaller shop) knick-knacks form the same sort of wood. Although hardwoods were readily available in the past, recently they have become harder to obtain. Consultation with the man..
demand for a good can be characterized by p 100 - q. there are two firms firm 1 and firm 2. they have identical cost
The MC of a firm under perfect competition
A firm has the following demand plans and short-term costs for a particular product. Q = 200 -5p TC = 400 + 4Q. What price should the company sell their product? What will be the price and quantity if Bramwell wants to?
the price of gasoline in europe is much higher than in the united states and the reason is that the gas tax is much
Discuss the characteristics of the airline industry within this framework. Does your selected market force result in higher or lower airline profits?
assume you are the manager of abba cable company which provides commercial communication services to the town of
Find Total Revenue or profit
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