A firm’s labor input, total output of labor, and product price schedules are given below. If labor is the only variable input, how much labor should the firm employ if the wage rate is $8 per day?
What will be an ideal response?
The firm should hire 5 workers. The MRP of the fifth worker is $11 and the MRC is $8.
Economics
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The demand curve for a particular good indicates the various quantities
a. demanded at various prices, other things equal b. demanded at different income levels, other things equal c. actually purchased at various prices, other things equal d. actually purchased at different income levels, other things equal e. demanded at various prices and income levels, other things equal
Economics
Three possible reasons for an above-equilibrium wage are minimum-wage laws, unions, and efficiency wages
a. True b. False Indicate whether the statement is true or false
Economics