Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Chapter 19, Problem 16APA
To determine
The reason for higher payment to the managers than the salespeople.
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Q35
In order to maximize profits, a firm needs to determine the quantity of each factor that it will employ, which is dictated by price as well as productivity of the factor. Assume farmer in the Ottawa area named Justin Trudeau has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. Justin Trudeau's product sells for $3 per unit, and the wage rate is $13 per worker. What is Justin Trudeau's profit-maximizing output?
Multiple Choice
16.
40
37
20
32
Chapter 19 Solutions
Microeconomics (13th Edition)
Ch. 19.1 - Prob. 1RQCh. 19.1 - Prob. 2RQCh. 19.1 - Prob. 3RQCh. 19.1 - Prob. 4RQCh. 19.1 - Prob. 5RQCh. 19.2 - Prob. 1RQCh. 19.2 - Prob. 2RQCh. 19.2 - Prob. 3RQCh. 19.3 - Prob. 1RQCh. 19.3 - Prob. 2RQ
Ch. 19.3 - Prob. 3RQCh. 19.3 - Prob. 4RQCh. 19.3 - Prob. 5RQCh. 19.4 - Prob. 1RQCh. 19.4 - Prob. 2RQCh. 19.4 - Prob. 3RQCh. 19 - Prob. 1SPACh. 19 - Prob. 2SPACh. 19 - Prob. 3SPACh. 19 - Prob. 4SPACh. 19 - Prob. 5SPACh. 19 - Prob. 6SPACh. 19 - Prob. 7SPACh. 19 - Prob. 8SPACh. 19 - Prob. 9APACh. 19 - Prob. 10APACh. 19 - Prob. 11APACh. 19 - Prob. 12APACh. 19 - Prob. 13APACh. 19 - Prob. 14APACh. 19 - Prob. 15APACh. 19 - Prob. 16APACh. 19 - Prob. 17APACh. 19 - Prob. 18APACh. 19 - Prob. 19APACh. 19 - Prob. 20APACh. 19 - Prob. 21APACh. 19 - Prob. 22APACh. 19 - Prob. 23APA
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