The marginal product of labor (measured in units of output) for Expando Corp is given by MPN = A(400 - N)
where A measures productivity and N is the number of labor hours used in production. Suppose the price of output is $3 per unit and A = 2.0. What will be the demand for labor if the nominal wage is $18?
A) 57
B) 107
C) 197
D) 397
D
Economics
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Explain the effects of an import quota on domestic production, consumption, and price
What will be an ideal response?
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Which of the following demand functions represents a price elasticity of demand equal to -0.33 and an income elasticity of demand equal to 0.8 at all points along the curve?
A) Q = 3 - 0.33P + 0.8I B) Q = 4.5 - 0.33 log(P) + 0.8I C) log(Q) = 1.34 - 0.33 log(P) + 0.8I D) log(Q) = 2.34 - 0.33 log(P) + 0.8 log(I)
Economics