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ECON 101 FINAL EXAM QUESTIONS LATEST EXAM 32 QUESTION AND ANSWE ... $11.00 Add to Cart
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Download DocumentA farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker. How many workers should the farmer hire?
{Ans: 3}
The real
andMarginal Product is
{Ans: the amount an additional worker adds to the firm's total output.}
The following table is for a purely competitive market for resources.
Number of Workers Total Product Product Price
0 0 $3
1 16 3
2 26 3
3 34 3
4 40 3
5 44 3
At a wage rate of $23 per worker, the firm will choose to employ
{Ans: 3 workers}
The demand for airline pilots results from the demand for air travel. This fact is an example of
{Ans: the derived demand for labor.}
Labor unions may attempt to raise wage rates by
{Ans: forcing employers, under the threat of a strike, to pay above-equilibrium wage rates.}
When restrictions on imported products are removed by a nation, it will result in
{Ans: lower prices and higher quantities consumed in that nation.}
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