1. a firm increases employment 100 to 150 hours. The quantity produced by this firm increases from 25,000 units to 35,000 units. The price remains a constant $4. Find the marginal revenu product of 150 hours of labor. a. $200 B. $233.33 C. $800 D. $933.33
1. a firm increases employment 100 to 150 hours. The quantity produced by this firm increases from 25,000 units to 35,000 units. The price remains a constant $4. Find the marginal revenu product of 150 hours of labor.
a. $200
B. $233.33
C. $800
D. $933.33
2. A
a. The wage is equal to the marginal physical product.
b. The wage is equal to marginal revenue product.
C. The wage is equal to the price of the good.
3. An increase in worker productivity will --------, ceteris paribus.
a. increase the supply of labor.
b. decrease the supply of labor.
c. increase the demand for labor.
d. decrease the demand for labor.
4. The example in the previous question will see
a. greater employment and higher wages.
b. greater employment and lower wages.
c. lower employment and higher wages.
d. less employment and lower wages.
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