The marginal product for the last unit of labor is 5, the marginal product for the last unit of capital is 10, and the wage is $10. Which of the following actions should the firm take in order to achieve the least-cost combination of labor and capital and produce the same level of output? $20 A firm uses capital and labor in its production process. Increase Decrease At its current employment level of labor and capital, a firm observes the following. If the wage rate is $20 per hour, what is the price of capital? Labor Capital The firm is employing 100 units of capital, and the marginal product of the last unit of capital is 10 units of output. The firm is employing 20 workers, and the marginal product of the last worker is 40 units of output. If the firm is choosing the least-cost combination of labor and capital, the firm's marginal product of labor and the price of capital must be equal to which of the following? $5 per hour A firm is currently employing a cost-minimizing combination of labor and capital for a given level of output. The product price is $15 per unit, the wage is $75 per day, and the marginal product of capital is 3.
As a result, the health care industry is likely to experience all of the following EXCEPT Marginal Product of Labor Price of Capitalĥ $4 A firm sells its output in a perfectly competitive market and hires two inputs, capital and labor, in perfectly competitive factor markets.
The least-cost combination of capital and labor needed to produce a given level of output is given by which of the following? the amount of labor demanded depends on the demand for the firm's product A firm's demand for labor is known as a derived demand because a decrease in the prices of medicine As the population of a country ages, the demand for health care is projected to increase. Let the marginal product of capital be MPK, the marginal product of labor be MPL, the price of capital be PK, and the price of labor be PL. MPL /PL = MPK /PK Assume a firm uses only two inputs, capital (K) and labor (L), to produce its output.
0 kommentar(er)
