Which is likely to be larger, the velocity of M1 or M2?
a. M1, because M2 is a larger number.
b. M2, because M1 is a larger number.
c. The velocities of both are approximately equal.
d. The numbers of velocity switch in relative size.
a
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Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $5 and the wage rate is $37.50 per day, how many workers should Winnie employ to maximize his profit?
A) 2 B) 3 C) 4 D) 5
Firms should hire additional units of a resource as long as the:
a. marginal product of the resource exceeds the price of the resource multiplied by the quantity of output produced. b. marginal product of the resource is less than the price of the resource. c. price of the output produced is positive. d. marginal revenue product of the resource exceeds the cost of an additional unit of the resource.