A profit-maximizing firm will comtinue to hire additional units of labor until the amagninal rervemne proeder of the last unit of labor is O greater than zero O equal to zero O less than the wage or marginal fictor cost O egual to the wage or marginal factor cost O greater than the wage or the marginaltactor cost Coodct w

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Q: QUESTION 6 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: O A…

A: The marginal revenue product of labor (MRPL) is the incremental revenue that is received by the firm…

Q: o Suppoe y: (1,k) = 'L* Ki. (Do not methat for Hhis quertin) pro duition fartion the languen joun…

A: Given  Production function  y=L1/2K1/2=LK     ........... (1) Wage rate = w  price of capital = r…

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A: Diminishing marginal returns means when increases one unit of factor of Production keeps other…

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A: A firm maximizes profit by producing at a combination of labor and capital where marginal product…

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A: Marginal product is the additional output produced by employing an additional unit of input.Marginal…

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A: Theory of Efficiency wage : The theory of efficiency wage implies firms paying higher wage than the…

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A: The opportunity cost of capital is how much capital has to give up to hire one more labor.…

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Q: When Average vaiable cost (AVC) = 600 and Average product (AP)= 0.14. Then find the wage rate W.

A: Given data: AVC=600AP=0.14

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A: Marginal Revenue refers to the revenue that a firm or seller receives in the sale of an additional…

Q: QUESTION 10 Marginal product is: O B. the increase in total output attributable to the employment of…

A: In a market, the term marginal is significantly used by the firms andd policymakers because marginal…

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Q: The short run is a period of time in which: OC. Prices and wages O A. The quantities of some…

A: Input resources are those resources that are used in the production process to produce the output.

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A: The profit maximizing condition is given as  MRP( marginal revenue product) = wage

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A: Here Answer is "Between 4 and 5"

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A: Marginal product is part of marginal analysis.

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A:

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.