Microeconomics Unit 4 Exam (ECON 231) || with 100% Error-free Solutions.
7 views 0 purchase
Course
Microeconomics Unit 4
Institution
Microeconomics Unit 4
Which of the following is an example of a firm's derived demand? correct answers A tractor manufacturer's demand for assembly-line workers is inseparably linked to the firm's decision to supply tractors.
Factor markets for baked goods are influenced by the correct answers -demand for baked goods...
Microeconomics Unit 4 Exam (ECON 231) || with 100%
Error-free Solutions.
Which of the following is an example of a firm's derived demand? correct answers A tractor
manufacturer's demand for assembly-line workers is inseparably linked to the firm's decision to
supply tractors.
Factor markets for baked goods are influenced by the correct answers -demand for baked goods.
marginal -productivities of labor and capital.
-market prices for final goods and services.
Economists refer to the inputs that firms use to produce goods and services as correct answers
factors of production
The marginal product of labor is defined as the change in correct answers output per additional
unit of labor
Typically, as a firm hires additional workers, the marginal product of labor correct answers
decreases, and the value of the marginal product of labor decreases.
The value of the marginal product of labor is equal to the change in correct answers total revenue
caused by the addition of the last worker
If the value of the marginal product of labor exceeds the wage, then the firm could correct
answers increase profit by hiring additional labor
Refer to Figure 1. Suppose the firm hires each unit of labor for $700 per week, and each unit of
output sells for $9. How many workers will the firm hire to maximize its profit? correct answers
2
During the Black Death, about 1/3 of both workers and landowners died from the Plague.
This caused the rents earned by surviving landowners to correct answers fall, because the
marginal product of land fell.
Currently the ride-sharing service Uber has been banned or suspended in Italy, Denmark, and
other places like Anchorage, Alaska and the state of Nevada. Besides concerns about the fair
treatment of workers, taxi drivers are specifically concerned this new technology threatens their
jobs. The term we use to describe workers who oppose new technology that threatens their
livelihoods is correct answers Luddites.
Labor economists publish data which indicates at low-levels of income, higher wages encourage
people to work more, but at higher wages, more pay can actually cause people to work less. This
labor-leisure trade-off can be visually represented by correct answers a backward-bending supply
curve.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.29. You're not tied to anything after your purchase.
