--%>

Maximizes profit by hiring labor

A firm maximizes profit through hiring labor at the point where labor’s: (1) marginal physical product equals its average physical product. (2) marginal revenue product equals its marginal resource cost. (3) rate of exploitation is greatest. (4) wage rate equals the price of output. (5) total revenue is maximized.

How can I solve my Economics problem? Please suggest me the correct answer.

   Related Questions in Managerial Economics

  • Q : What are the important areas of

    What are the important areas of decision-making?

  • Q : Illustrates the Forward Planning in

    Does managerial economic as a tool for Forward Planning? Explain this term briefly.

  • Q : Find demand when Supply and Demand

    Suppose that the auto started began at the intersection of S0 and D0, and then Congress passed a main personal income tax cut. So, how will it affect the auto market?: (w) No change. (x) Demand shifts to D2. (y) Demand shifts to D

  • Q : What is Scarcity Definition of economics

    What is Scarcity Definition of economics?

  • Q : Explain the different types of income

    Explain the different types of income elasticity of demand.

  • Q : Determine marginal resource cost of

    If hiring hundred extra workers increases the firms total cost through $10,000, and each extra worker increases output from 50 units, in that case on the average: (w) profit will fall by $10,000. (x) the value of the marginal product of labor is $10,0

  • Q : Illustrations of investments in human

    Illustrations of investments in human capital would comprise: (1) freeing slaves at the conclusion of the Civil War. (2) betting on the outcome of a professional wrestling match. (3) need people to pass a test on the U.S. Constitution before permittin

  • Q : Illustrates terms total cost

    Illustrates the terms total cost, average cost and also marginal cost?

  • Q : Income and Substitution Effects of

    When the substitution effect of a wage raise dominates the income effect, in that case the: (1) labor supply curve will be "backward bending." (2) value of the marginal product will exceed the wage rate. (3) labor force participation

  • Q : Forecasting demand what are the

    what are the criteria for good forecasting