If the value of the marginal product of labor exceeds the, Business Economics

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If the value of the marginal product of labor exceeds the

Determine whether each statement below is TRUE or FALSE and explain your reasoning

1. If the value of the marginal product of labor exceeds the wage rate, then a competitive, profit-maximizing firm would want to hire less labor.

2. A competitive, cost-minimizing firm has the production function f (x,y)= x+ 2y and uses positive amounts of both inputs. If the price of x doubles and the price of y triples, then the cost of production will more than double.

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Business Economics: If the value of the marginal product of labor exceeds the

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Business Economics: If the value of the marginal product of labor exceeds the

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