index for the industry is industry have market shares of 60, 20, 10, 5, and 5 pe
ID: 1128591 • Letter: I
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index for the industry is industry have market shares of 60, 20, 10, 5, and 5 percent The A 3.600 C. 95. D. 4,150. airline pilots results from the demand for air travel. This fact is an example of lity B. rising C. elasticity of D. the derived demand for labor. demand 7. The MRP curve for labor: A. intersects the firm's labor demand curve from above. B. is the firm's labor demand curve. C lies below the firm's labor demand curve. D. lies above the firm's labor demand curve. 8. A profit- maximizing firm employs resources to the point where: A. MRC-MP C. MRP MRC. D. MP - product price price equals product price. Answer the next 3 questions on the basis of the following information: Jones owns a barber shop S6 per haircut. By hiring one barber at $10 per hour the shop can provide 24 haircuts per 8-hour da a second barber at the same wage rate the shop can now provide a total of 42 haircuts per day. 9. Refer to the above information. The MP of the second barber is A. 240. B. 108. C. 18 D. 42Explanation / Answer
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6 the derived demand for labour
7 is the firms labour demand curve
8 MRP=MRC
9 18.(42-24)
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