--%>

Profit Maximization with Marginal Revenue Price and Costs

All profit-maximizing firms will hire further labor up to the point where is the: (w) average physical product of labor equals the nominal wage. (x) last unit of labor adds equally to total revenue and total cost. (y) marginal product of labor is at its maximum value. (z) value of output most greatly exceeds labor’s marginal resource cost.

Can anybody suggest me the proper explanation for given problem regarding Economics generally?

   Related Questions in Managerial Economics

  • Q : Illustrates the Modern Definition

    Illustrates the Modern Definition?

  • Q : Labor Productivity Where diminishing

    Where diminishing returns overwhelm gains through the division of specialized labor, when there is an inflection point on the total revenue curve derived by a total output curve, and by the vantage point of a purely competitive firm h

  • Q : Price exceeds marginal cost in

    When, for a perfectly competitive firm that price exceeds the marginal cost of production then the firm must: w) raise its output. x) reduce its output. Y) keep output constant and enjoy the above normal profit. z) lower the price.

  • Q : Explain the Geometric Method of

    Explain the Geometric Method of Measurement of Elasticity.

  • Q : Illustrates the steps in formulating

    Illustrates the steps in formulating pricing policies in details?

  • Q : Marginal Revenue Product of Labor When

    When a firm hires 1 unit of additional labor that increases output through two units, and marginal revenue is $100, the marginal revenue product of labor is: (w) $100. (x) $50. (y) $150. (z) $200. How can I solve m

  • Q : Explain the term Production function

    Explain the term Production function.

  • Q : Define Cost Volume-Profit relationship

    Describe briefly Cost Volume-Profit relationship?

  • Q : Explain the forecasting demand for a

    Explain the forecasting demand for a new product.

  • Q : Wage rates throughout supply of labor

    For wage rates in between $18 and $21, there the elasticity of Morgan’s supply of labor is: (w) 0.72. (x) one. (y) 1.08. (z) 1.44.

    Discover Q & A

    Leading Solution Library
    Avail More Than 1443106 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads
    No hassle, Instant Access
    Start Discovering

    18,76,764

    1927917
    Asked

    3,689

    Active Tutors

    1443106

    Questions
    Answered

    Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

    Submit Assignment

    ©TutorsGlobe All rights reserved 2022-2023.