Assume that skilled labor costs twice as much as unskilled labor, a profit maximizing firm will hire until the marginal product of unskilled labor is half that of skilled labor.
A profit maximizing firm is a firm that tries to create products that are of good quality at the barest or smallest cost.
The marginal product falls after an additional amount of the resource has been added. It is the extra amount that is gained due to the addition of an extra unit.
Due to the fact that both the skilled and unskilled would decrease eventually, the company would have to hire both at equal marginal products.
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Answer:
B
Explanation:
I would assume the correct answer would be B. This is because when you go to a store you typically assume the higher cost item is of higher quality then the lower cost item. For example: One may buy a yeti cooler over an igloo cooler because the very high price tag makes them feel as if the cooler is just that much better then the competitor. If correct please mark brainliest.
Answer:
Half step
Explanation:
If you're talking about music, then a half step is smaller than a step.
Answer:
The answers are:
- D) Supply and the entire curve shifts.
- D) Quantity supplied and the supply curve does not shift.
Explanation:
1. When non price factors (that affect the supply of a product) change, then the whole supply curve shifts and the quantity supplied will vary.
For example, new machinery that produces goods in a more efficient way, will shift the entire supply curve to the right. Suppliers will be able to produce more goods at the same costs.
2. A change in the amount of goods produced due to a change in price, is a change in the quantity supplied of that product. Suppliers will produce more goods at higher prices. But those changes in the quantity supplied happen follow the supply curve.
