Figure 3-22
d
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The second stage of production illustrates the concept of____________, the stage where output increases at a diminishing rate as more units of a variable input are added.
Fill in the blank(s) with the appropriate word(s).
The question below are based on the following four sets of data-pairs: (1) A and B, (2) C and D, (3) E and F, and (4) G and H. In each set, the independent variable is in the left column and the dependent variable is in the right column
Which of the four sets of data pairs shows an inverse relationship between the independent and dependent variable?
A. 1 and 3
B. 2 and 3
C. 3 and 4
D. 2 and 4
Raising the minimum wage would:
A. help some workers while hurting others. B. help all workers and hurt all firms. C. hurt all workers and help some consumers. D. help workers and help consumers.
Refer to Table 17-6. The Hair Cuttery, a new hair salon, is ready to start hiring. The table above shows the relationship between the number of hairdressers the firm hires and the quantity of haircuts it produces
a. Suppose the price of haircuts is $8. Complete the table by filling in the values for marginal product and marginal revenue product. b. The Hair Cuttery is an input price-taker. Suppose the wage paid to hairdressers is $40 per day. What is the profit-maximizing number of hairdressers? c. Suppose the wage rate rises to $60 per day. (i) What happens to the firm's demand curve for hairdressers? (ii) What happens to the profit-maximizing quantity of hairdressers? d. Suppose the wage rate is $40 per day and the price of haircuts is now $10. (i) What happens to the firm's demand curve for hairdressers? (ii) What happens to the profit-maximizing quantity of hairdressers?