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April 19, 2014

Homework Help: Microeconomics

Posted by G on Monday, October 27, 2008 at 6:43am.

If the wage exceeds the value of the marginal product of labor, then hiring another worker:

A. Decreases the firmís total revenue

B. Increases the firmís profit

C. Increases the firms total cost

D. All of the above are correct

I picked A?

As a result of severe flooding a farmer loses one-half of his productive farmland. If the property of diminishing returns applies to all factors of production, he should expect to see:

A. An increase in the marginal productivity of his remaining land and an increase in the marginal productivity of his labor

B. An increase in the marginal productivity of his remaining land and a decrease in the marginal productivity of his labor

C. A decrease in the marginal productivity of his remaining land and an increase in the marginal productivity of his labor

D. A decrease in the marginal productivity of his remaining land and a decrease in the marginal productivity of his labor.

I picked D?

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