You are the manager of a firm producing green chalk. The marginal product of labor is:
MPL = 24L - 1/2
Suppose that the firm is a competitor in the green chalk market. The price of green chalk is $1 per unit. Further suppose that the firm is a competitor in the labor market. The wage rate is $12.00 per hour.
Given the information, what is the revenue product of labor?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “You are the manager of a firm producing green chalk. The marginal product of labor is: MPL = 24L - 1/2 Suppose that the firm is a ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
When the cost minimizing combination of inputs is being used and there is no corner solution, A. the isoquant line is tangent to the isocost line. B. the marginal products of the inputs are equal to each other. C.
Answers (1)
When the dollar "falls" compared to other currencies, this means A) it takes more dollars to equal a unit of foreign currency. B) it takes fewer dollars to equal a unit of foreign currency.
Answers (1)
2014, Herron Resources purchased Stinson Tile for $4.5 million. On December 31, 2020, the Stinson division reported net assets of $5,600,000 (including $1,800,000 of goodwill).
Answers (1)
In recording business transactions, evidence that an accounting transaction has taken place is obtained from
Answers (1)
Does walmart have wheelchairs for customers to use
Answers (1)
New Questions in Business
The manager of a national retailing outlet recently hired an economist to estimate the firm's production function.
Answers (1)
There are a number goods that over time, for a variety of reasons, transition from being a normal good to an inferior good or from being an inferior good to a normal good. One such example of a good is the Toyota Camry.
Answers (1)
Three members of the DiCarlo family, Vinny, Maria, and Franki, are choosing the entree for a large family reunion. Their options are: spaghetti, ravioli, lasagne, and pizza.
Answers (1)
How much of gordon's social security is taxable? a. $0 b. $16,000 c. $13,600 d. $6,646?
Answers (1)
Buffalo Corporation purchased warehouse shelving for $96,000, terms 1/10, n/30. At the purchase date, Buffalo intended to take the discount. Therefore, it made no entry until it paid for the acquisition. The entry was:
Answers (1)