Myeconlab New Design With Pearson Etext For Principles Of Microeconomics For Texas Tech University -- Standalone Access Card, 1/e
1st Edition
ISBN: 9781323487792
Author: Pearson Custom
Publisher: Pearson Education
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Question
Chapter 10, Problem 4.2P
To determine
Income inequality.
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Use the data in the tables to answer the question that follows.
Market
Price of Output
Quantity Supplied of Output
Quantity Demanded of Output
$5
25,000
60,000
$10
50,000
50,000
$15
75,000
40,000
$20
100,000
30,000
$25
125,000
20,000
Firm
Quantity of Labor
Total Product
0
0
15
105
30
190
45
265
60
325
What is the marginal revenue product of the 45th unit of labor, assuming this market is perfectly competitive in both the factor and output markets?
A-$30. B-$50. C-$63. D-$100. E-$2,650
(2) The marginal benefit to suppliers will be less than the marginal cost to the single buyer. This describes
A-perfect competition. B-monopolistic competition. C-an oligopoly. D-a monopoly
E-a monopsony
Q40
If one worker in southern Ontario worker can pick $30 worth of tomatoes two workers together can pick $70 worth of tomatoes, the
Multiple Choice
data given are insufficient to determine the marginal revenue product of either worker.
data given suggests diminishing returns.
marginal revenue product of the first worker is $40.
marginal revenue product of each worker is $35.
marginal revenue product of the second worker is $40.
Use the table to answer the question that follows.
Quantity of Labor
MP of Labor
Quantity of Capital
MP of Capital
1
30
1
50
2
25
2
40
3
20
3
35
4
15
4
15
5
10
5
5
What combination of labor and capital would satisfy the input hiring rule that minimizes the cost of production, if the price of labor is $5 and the price of capital is $10?
A-1 unit of labor; 3 units of capital. B-2 units of labor; 2 units of capital
C-3 units of labor; 2 units of capital. D-4 units of labor; 4 units of capital
E-5 units of labor; 1 unit of capital
Chapter 10 Solutions
Myeconlab New Design With Pearson Etext For Principles Of Microeconomics For Texas Tech University -- Standalone Access Card, 1/e
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