On a certain supply curve, one point is (quantity supplied = 200, price = $2.00) and another point is (quantity supplied = 250, price = $2.50). Using the midpoint method, the price elasticity of supply is about

In general, a higher real wage rate decreases the quantity of labor supplied because fewer people enter the labor force

Indicate whether the statement is true or false

A firm is employing capital and labor such that the marginal product of capital is 30 and the marginal product of labor is 10

If the price of a unit of capital is $50 and the price of a unit of labor is $10, is the firm minimizing its costs? If not, can you recommend a change for the firm to make in its relative amounts of labor and capital used? Explain.