If a firm hires 312 workers it produces 4,522 computers. If it hires 313 workers it produces 4,786 computers. If computers sell at a constant price of $1 and labor is hired at a constant wage rate of $65 per worker
A) the firm should hire and retain the additional worker.
B) the marginal factor cost of labor is $65.
C) the marginal revenue product of the added worker is $264.
D) all of the above.
D
You might also like to view...
Keynesians argue that velocity is
A) equal to the inflation rate. B) equal to one. C) negative. D) unpredictable.
All else equal, if the interest rate is 5%, what is the PDV of a lottery prize that pays $1,000,000 today and $1,000,000 each year for the next 19 years?
A. $10,500,000 B. $12,462,210 C. $13,085,321 D. $20,000,000
A value-added tax is a tax on consumption and not on personal income
a. True b. False Indicate whether the statement is true or false
Suppose Marv, the owner-manager of Marv's Hot Dogs, earned $82,000 in revenue last year. Marv's explicit costs of operation totaled $36,000. Marv has a Bachelor of Science degree in mechanical engineering and could be earning $40,000 annually as mechanical engineer.
A. Marv's economic profit is $36,000. B. Marv's economic profit is $6,000. C. Marv's implicit cost of using owner-supplied resources is $36,000. D. Marv's implicit cost of using owner-supplied resources is $30,000.