Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 11, 2024

Suppose a worker has a marginal product of 10 units. The price a unit can be sold for is $10, and his wage rate is

Suppose a worker has a marginal product of 10 units. The price a unit can be sold for is $10, and his wage rate is $120. What should his employer do to maximize profits?

1) Hire additional workers like him

2) We do not have enough information to solve this question

3) Fire this worker

4) Nothing

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Economics

Authors: Fred M. Gottheil

7th edition

978-1133962069, 9781285064444, 1133962068, 1285064445, 978-1285064437

More Books

Students also viewed these Economics questions

Question

★★★★★

The four underlying assumptions of generally accepted accounting principles are economic entity, monetary unit, periodicity, and going concern. Consider the following four independent situations. 1....

Answered: 1 week ago

Question

★★★★★

112 Compare the z -scores to decide which of the following x values lie the greatest distance above the mean and the greatest distance below the mean a. x= 100, p == 50, = 25 b. x1, 4, = 1 = c. x =...

Answered: 1 week ago

Question

★★★★★

2. Say, Im really angry about what just happened. Everybody take out journals; we are going to write about this. After a few minutes of writing, the class can discuss the incident.

Answered: 1 week ago

Question

★★★★★

A government researcher is analyzing the relationship between retail sales and the gross national product (GNP). He also wonders whether there are significant differences in retail sales related to...

Answered: 1 week ago

Question

★★★★★

Ivanhoe Company owns a trade name that was purchased in an acquisition of Pharoah Company. The trade name has a book value of $3,450,000, but according to IFRS, it must be assessed for impairment on...

Answered: 1 week ago

Question

★★★★★

On July 8, Jones Inc. issued an $67,700, 8%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31. Using the 360-day year, what is the amount of interest...

Answered: 1 week ago

Question

★★★★★

The following is a pedigree of PKU that is associated with a mutation in the PAH gene. Note: Filled squares or circles represent PKU patients. Assume that no other mutation arises within the...

Answered: 1 week ago

Question

★★★★★

The diagram below shows a signaling pathway that is activated following the binding of adrenaline to the -adrenergic receptor. The major steps of this signaling pathway are outlined below and also...

Answered: 1 week ago

Question

★★★★★

The following is the -adrenergic receptor and a small G protein (shown in blue) oriented in the membrane. Answer parts (a)-(d) by using the options: Cytoplasm/ nucleus/ rough endoplasmic reticulum...

Answered: 1 week ago

Question

★★★★★

a) Specific ion channels and pumps regulate the resting membrane potential and action potential of aneuron. You treat a neuron in vitro (in a plate) with a reversible ATP synthase inhibitor. Would...

Answered: 1 week ago

Question

★★★★★

C. elegans shows ethanol-responsiveness through body-flattening. Loss-of-function mutants in the slo gene are resistant to ethanol and do not flatten their bodies. Null mutants in the npr gene show...

Answered: 1 week ago

Question

★★★★★

Explain what conditions may lead to extinction of a commercially valuable fish species? Does economic efficiency prevent extinction? Why or why not?

Answered: 1 week ago

Question

★★★★★

The following project is at the end of its sixth week. Find the cost and schedule variances. Also find the CPI, SPI, ETC, and EAC for the project.LO1 Activity Predecessors Duration (weeks) Budget, $...

Answered: 1 week ago

Question

★★★★★

Resolve the EV example of Table 10.1 by recomputing Figures 10.5 and 10.6 using the 0100% rule.LO1

Answered: 1 week ago

Question

★★★★★

Draw an EV chart for the end of the first week (5 days) assuming the time proportionality rule for the project illustrated in the following network diagram given the following costs and percentage...

Answered: 1 week ago

Previous Question Next Question