Marginal product is the
[DOC File]Principles of Microeconomics, 7e (Case/Fair)
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C) the marginal product of capital times the price of labor. D) the additional revenue the firm makes by selling one unit of labor. Answer: A Diff: 2 Type: D 9) If the marginal product of a calculator manufacturer is 10 calculators, and the price of a calculator is $10, the firm's marginal revenue product is …
[DOC File]Chapter 5: Answers to Questions and Problems
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The value marginal product of labor is defined as the marginal product of labor times the price of output. Here, output sells for $50 per panel, so the value marginal product of the third worker is $50(290) = $14,500. Table 5-4 summarizes the VMPL for each choice of labor. Since the wage is $7,000, the profit maximizing number of workers is 4.
[DOC File]CHAPTER 7
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The marginal product of labor must be increasing. The marginal cost of production measures the extra cost of producing one more unit of output. If this cost is diminishing, then it must be taking fewer units of labor to produce the extra unit of output, since the extra cost refers to the extra cost of the labor. ...
[DOC File]Solutions to Chapter 7 Assignments
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The marginal product of labor is . The marginal product of capital is . Set the marginal rate of technical substitution equal to the input price ratio to determine the optimal capital-labor ratio:, or K = 0.75L. Therefore, the capital-labor ratio should be 0.75 to …
[DOC File]Chapter 14
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When a buyer of an input has monopsony power, the marginal expenditure curve lies above the average expenditure curve. When the input seller is a monopolist such as a labor union, the seller chooses the point on the marginal revenue product curve that best suits its objective.
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The marginal product per dollar is equal for both inputs. ____40.A firm is hiring labor and capital in the cost-minimizing combination. Which of the following would cause the firm to increase hiring capital and decrease hiring of labor? a. Demand for the product being produced increases by 5%. b.
[DOC File]Micro III-IV Review Questions
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The last unit of capital employed has a marginal product of 40 units. The price of labor is $3 per unit and the price of capital is $10 per unit. If Max is going to find the least-cost combination of labor and capital, he needs to ____ his employment of labor and ____ his employment of capital.
[DOC File]MIDTERM EXAMINATION III
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The marginal product of the 6th unit of labor is 4. The firm’s total product when 7 units of labor is employed is. a. less than 20. b.* greater than 20 but less than 24. c. greater than 24. d. 24. e. none of the above. 8. The marginal product of labor is 2 and the marginal product of capital is 4. This implies that the MRTSK-L is equal to . a ...
[DOC File]Some Answers
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Say an unskilled worker earns the marginal product of labor, whereas a skilled worker earns the marginal product of labor plus the marginal product of human capital. Using your answers to (a) and (b), find the ratio of the skilled wage to the unskilled wage. How dies an increase in the amount of human capital affect this ratio? Explain.
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