What is the value of the marginal-physical product

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Reference no: EM13839439

1. A firm's objective in business is to

a. maximize revenue.

b. minimize average total cost.

c. minimize marginal cost.

d. maximize profit.

e. minimize risk.

2. For a perfectly competitive firm, the price of its product is $3.50. If an additional unit of a resource yields a value of the marginal product (or MRP) equal to $24.50, what is the value of the marginal-physical product?

a. 5

b. 6

c. 7

d. 8

e. 9

Reference no: EM13839439

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