The production function shows the volume of output that can be produced from given inputs
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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The term "economic rent" refers to payments
A) to owners of real estate. B) for the use of any resource above its opportunity cost. C) equal to the opportunity cost of the use of land. D) for the use of housing in company owned properties.
Economics
A firm currently has 5 workers each paid $15 per hour. If it decides to hire a 6th worker, the hourly wage increases to $18 for all workers. The 6th worker is expected to contribute to around $40 worth of output. Based on this information, the firm should
a. Hire the 6th worker since MR>MC
b. Not hire the 6th worker since MR>MC
c. Not hire the workers since MR
Economics