WebA. $7 B. $9 C. $50 D. $70 E. $90 6. firm in a perfectly competitive labor market is employing labor where the marginal revenue product of the last unit is $30 and the marginal factor cost is $30. Based on this, the firm should A. employ more units of labor B. employ fewer units of labor C. employ the same amount of labor WebThe firm's gain in profit from hiring another worker is o the difference between marginal revenue product and the Marginal factor cost of the worker. o the marginal revenue product of the extra worker. o the extra output of the extra worker. o the reduction in costs from hiring another worker.
Monopsony: Foundational concepts (practice) Khan Academy
WebMarginal cost is the change in the total cost of production upon a change in output that is the change in the quantity of production. In short, the change in total cost arises when the … Webmarginal factor cost price of the good that labor is producing Question 15 60 seconds Q. A perfectly competitive firm hires three workers in a perfectly competitive labor market. The marginal products of the three workers are shown in the table. Which of the following will be true? answer choices radio panamericana en vivo peru gratis
How to Calculate Marginal Factor Cost …
WebWhat is the marginal factor cost of the second unit of labor? Choose 1 answer: Choose 1 answer: (Choice A) $ 500 \$500 $ 5 0 0 dollar sign, 500. A $ 500 \$500 $ 5 0 0 dollar sign, 500 (Choice B) $ 1000 \$1000 $ 1 0 0 0 dollar sign, 1000. B $ 1000 \$1000 $ 1 0 0 0 dollar sign, 1000 (Choice C) $ 800 \$800 $ 8 0 0 dollar sign, 800. C WebThe marginal factor cost curve is thus a horizontal line at $5 up to L1 units of labor. MRP and MFC now intersect at L2 so that employment increases. Now suppose the … WebThe marginal factor cost of the fourth unit of the factor is thus $14. It includes the $8 the firm pays for the fourth unit plus an additional $2 for each of the three units the firm was already using, since it has increased the prices for the factor to $8 from $6. The marginal factor cost ( MFC) exceeds the price of the factor. radio panamericana ranking