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[DOC File]Principles of Microeconomics, 7e (Case/Fair)
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The marginal product of labor can be stated as A) (W) × MC). B) W/MC. C) MC/W. D) TC/W. Answer: B Diff: 3 Type: D 28) If the wage rate is less than the marginal revenue product of labor, the firm should _____ to maximize profits. A) hire less labor and produce less output B) hire less labor and produce more output C) hire more labor and ...
marginal product of labor

[DOC File]Principles of Microeconomics, 7e (Case/Fair)
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D) marginal product could either be increasing or decreasing. Answer: D Diff: 1 Type: F 32) If we assume that labor is the only variable input, the slope of the total product curve in the short run A) has no economic significance. B) measures the average product of labor. C) measures the marginal product of labor.
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[DOC File]Multiple choice questions
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c. wage rate divided by the productivity of labor. d. marginal product of labor divided by wage. 7. Suppose a project results in a net stream of $200 per year for 4 years, but nothing thereafter. Assume that the discount rate is 5 percent. The discounted value of the total income stream over the 4 year period is. a. 800. b. 40,000.
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[DOC File]Chapter 8 Notes - Florida International University
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The Marginal Product of Labor and Labor Demand Curve. This graph shows that as real wages increase the less labor . The downward sloping curve is the MPR curve. It is because of diminishing marginal productivity of L. Both MPN and w both are measure in units per labor.
diminishing marginal product of labor

[DOC File]If marginal cost is rising
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3. When the marginal product of labor is greater than the average product of labor, A) the marginal product of labor must be increasing as labor increases. B) the average product of labor must be increasing as labor increases. C) the total product must be increasing at an increasing rate as labor increases. D) All of the above. 4.
marginal product of labor graph

[DOC File]Final Exam - PiratePanel
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48) In the above table, the marginal product of the third worker is . A) 1. B) 2. C) 3. D) 4. 49) At point d in the above figure, the average product of labor equals . A) 15. B) 4. C) 3.75. D) approximately 1. 50) The steeper the slope of the total product curve, the . A) larger is the marginal product of labor.
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[DOC File]Microeconomics, 7e (Pindyck/Rubinfeld)
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E) the marginal product of labor is 3 times the marginal product of capital. Answer: E. Diff: 2. Section: 7.3. 60) A firm employs 100 workers at a wage rate of $10 per hour, and 50 units of capital at a rate of $21 per hour. The marginal product of labor is 3, and the marginal product of capital is 5. The firm
calculate marginal product of labor

[DOC File]Are You suprised - Mr. Sadow
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Using our website, use the “Chapters 3-6 vocabulary Quizlet” link to review the words we have studied so far this chapter. Pages 55-100 due by ... Define and explain marginal revenue product of labor (MRP). 2. Define and explain marginal revenue cost of labor (MRC). 3. Define and explain marginal …
marginal product quizlet

[DOC File]Chapter 7
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Column (2) in Table 7.3 gives the marginal product of labor as read off from the MPL curve in stage II, in the bottom panel of Figure 7-2. The fractional units of labor are based on the assumption that the firm can hire labor for half a day at a time. Column (3) gives P = MR = $10. Column (4) gives MRPL, which is equal to (MPL) (MR).
marginal product of labor

[DOC File]Microeconomics, 7e (Pindyck/Rubinfeld)
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Since marginal costs will be equivalent across plants, Q = MC. Tad's marginal cost as a function of output at both plants is: MC(Q) = Q. Since Tad is a monopolist, he will set marginal revenue equal to marginal cost to determine optimal output. This is: At this output level, Tad's marginal cost is $2.63.
marginal physical product is quizlet

Marginal product of labor quizlet