Answer Happy

Question 15 1 Units of Total Marginal Total product product revmue 0 labor 0 1 14 $ 42 2 10 30 90 4 35 5 39 117 6 126 7 44 2 132 The following information is provided for Manfred's Shoe Shine Parlor. Assume Manfred hires labor, its only variable input, under purely competitive conditions Shoe shines are also sold competitively and wage rate is $11. At what price does each shoe shine sell? O $1 O $2 O $3 O $2.50 3
Question 12 Employment product 0 0 Total Product Wage rate price $2.20 15 2.00 $1.00 28 1.80 2.00 39 1.60 3.00 48 1.40 4.00 55 1.20 5.00 6 60 1.00 6.00 Refer to the data. We can conclude that: O both the product and resource markets are imperfectly competitive. O the resource market is imperfectly competitive but the product market is purely competitive. both the resource and product markets are purely competitive. O the resource market is purely competitive but the product market is imperfectly competitive. 123ASE 2 4 5 Employment 0 123456
Question 11 Employment product 0 0 1 2 3 4 Total Product price Employment $2.20 0 15 2.00 28 1.80 39 1.60 48 1.40 55 1.20 60 1.00 How many workers will this firm choose to employ? 06 05 04 3 456 □12MIN 5 3 5 6 Wage rate $1.00 2.00 3.00 4.00 5.00 6.00
e Question 10 Quantity Total of labor 1 Total revenue $16 32 11 44 13 52 14 56 If the market wage rate is $8, this firm will employ O2 workers. O 3 workers. O4 workers. O 5 workers. 234in 5 product 4 8