A profit-maximizing firm in a competitive market makes the following profit, T = r where p is the price for thefirm's output and w and v are the costs of labor and capital, respectively. How much labor does the firm hire?O a. 2pOb.2p(2w+v)O c. 2d.2w+vClear my choiceCeleste only consumes apples and oranges, and apples are a Giffen good for her. If her income increases by 1%, howdoes her consumption of oranges change?O a. DecreasesO b. Increases 1%O c. Increases more than 1%O d. Increases less than 1%Clear my choice

1) Where, p is the firm's output price, w is the costs of labor and v is the cost of capital. Now,…

where p is thế pri 2w+v A profit-maximizing firm in a competitive market makes the following profit, = firm's output and w and v are the costs of labor and capital, respectively. How much labor does the firm hire? O a. 2p 2p (2w+v Ob. O c. Od. 2w+v Clear my choice Celeste only consumes apples and oranges, and apples are a Giffen good for her. If her income increases by 1%, how does her consumption of oranges change? Decreases O b. Increases 1% Increases more than 1% O d. Increases less than 1% Clear my choice

where p is thế pri 2w+v A profit-maximizing firm in a competitive market makes the following profit, = firm's output and w and v are the costs of labor and capital, respectively. How much labor does the firm hire? O a. 2p 2p (2w+v Ob. O c. Od. 2w+v Clear my choice Celeste only consumes apples and oranges, and apples are a Giffen good for her. If her income increases by 1%, how does her consumption of oranges change? Decreases O b. Increases 1% Increases more than 1% O d. Increases less than 1% Clear my choice

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 6SCQ: A firms marginal cost curve above the average variable cost curve is equal to the films individual...

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