A short-run production function was estimated asQ = ?0.002L3 + 0.16L2At 20 units of labor, what is marginal product?
A. 1.9
B. 6.3
C. 6.0
D. 2.4
E. 4.0
Answer: E
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Consider the usual case where a higher wage rate increases firms' marginal costs. In this case, the industry's demand curve for labor
a. is more inelastic than the individual firms' demand curves would indicate. b. coincides with the horizontal sum of individual firms' demand curves. c. contains only substitution effects but no scale effects. d. is horizontal at the going market wage.
A monopolist that engages in perfect price discrimination
a. divides all buyers into two mutually exclusive groups b. refuses to sell to consumers of certain races, sexes, or creeds c. charges the same price for every unit sold d. charges a different price for every unit sold e. charges buyers who want a little of the good a low price and charges buyers who want a lot of the good a high price
Suppose a manager is deciding how to allocate workers between two plants. The marginal product of labor in plant 1 is 10 units of output. The marginal product of labor in plant 2 is 14 units of labor. What should the manager do?
A. Reallocate workers from plant 1 to plant 2, because MPL is greater in plant 1 than in plant 2. B. Reallocate workers from plant 1 to plant 2, because MPL is greater in plant 2 than in plant 1. C. Reallocate workers from plant 2 to plant 1, because MPL is greater in plant 1 than in plant 2. D. Reallocate workers from plant 2 to plant 1, because MPL is greater in plant 1 than in plant 1.
Deficit is the difference between government expenditures, which are either purchases or transfer payments and tax receipts.
Answer the following statement true (T) or false (F)