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In an economy labour supply: w=20+4L, labour demand: w=50-2L. Labour is organized in a Union acting as a monopolist. Find the level of labour employed in the economy and the unemployed one
Labour supply: w=20+4L, labour demand: w=50-2L.Labour is organized in a Union acting as a monopolist. We should find the level of labour employed in the economy in the point where...
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At L=4, K=4, the marginal product of labour is 2 and the marginal product of capital is 3. What is the marginal rate f technical substitution?
At L=4, K=4 MPl = 2, MPk = 3. Marginal Rate of Technical Substitution (MRTS) is the amount by which the quantity of one input has to be reduced when...
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if the cost of the skilled labour is three times the cost if unskilled labour,, the profit maximizing firm will vary the quantity of each type of labour until ?
The profit maximizing firm will vary quantity of each type of labour until quantity of unskilled labor is three times of skilled labour
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Suppose u(x1, x2) = x1x2. Are x1 and x2 gross complements or substitutes? Are they net
complements or substitutes?
x1 and x2 are gross complement because. Good X1 is a gross complement for good x2 if an increase in the price of X1causes a decrease in demand for x2....
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Suppose that labour and capital are imperfect complements. Illustrate consequences of fall in wage rate on producer´s optimum and account for two decisive effects
A fall in wage rate results to the aggregate supply curve to shift outward meaning the quantity supplied at any price level increases. As the price of a commodity lowers...
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Explain the concept of value of marginal product of labour. How is the labour demand curve related to value of marginal product of labour curve?
The marginal product of labor is expenses by unit, the value of the final product, which increases with each additional unit of labor used. When the marginal costs are equal...
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The marginal revenue of a product is sh 300 and we know that total revenue is zero when x is zero the marginal cost is sh 200 and we are given that when x is zero the total cost equals to ksh.120,000
The marginal revenue product (MRP), also known as the marginal value product, is the revenue generated by adding one unit of resource. The marginal revenue product (MRP) is derived by...
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What economic factor explain the marginal product and average product of labour curve
Average product refers to the total product divided by the labor quantity; i.e., the output per worker. Marginal product is the change in total product due to the addition of an additional unit...
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Explain how the firm would use the marginal product of labour to determine the profit maximizing quantity of labour, which the firm would hire?
The general rule is that firm maximizes profit by producing that quantity of output where marginal revenue equals marginal costs. The profit maximization issue can also be approached from the...
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At L=4, k=4, the marginal product of labor is 2 and the marginal product of capital is 3. what is the marginal rate of substitution?
At L=4, K=4 MPl = 2, MPk = 3. Marginal Rate of Technical Substitution (MRTS) is the amount by which the quantity of one input has to be reduced when...
1 Answers 1 views