help If the firm hires to a point where marginal expense of labor is less than t
ID: 1212529 • Letter: H
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If the firm hires to a point where marginal expense of labor is less than the marginal revenue product of labor, then profits could be increased by increasing employment. profits could be increased by reducing employment. profits are maximized. total cost must be greater than total revenue. An increase in quasi-fixed costs would probably lead to a(n) in the number of employees hired and a(n) in the number of overtime hours worked. increase; decrease increase; increase decrease; decrease decrease; increase After general training, the employee's wage will be equal to his or her marginal product of labor. greater than his or her marginal product of labor, due to the training received. less than his or her marginal product of labor, to pay for the cost of the training received. either greater or less than his or her marginal product of labor. Household production consists of any commodities which arc produced at home and then sold. any commodities which arc produced at home and yield utility to the family. any time spent at home by any family member. any commodities purchased for use in the home.Explanation / Answer
1.a. Profits could be increased by increasing employment
The marginal product of labor tells us the additional output produced by the last employee hired.
2.d. decrease, increase
Certain benefits are proportional to hours worked most quasi-labor costs are proportional to the number of workers.
3.. A) equal to his or her marginal product of labor.
General training is usually paid for by employee.
4. b. any commodities which are produced at home and yield utility to the family
Household production consists of those goods and services produced by a household for its own use.
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