ECON 102 Quiz 6 Answers (Penn State University)

ECON 102 Quiz 6 Answers (Penn State University) Question 1 Select the answer below that corresponds to the idea of a derived demand curve. Question 2 A profit maximizing firm that has labor as the only variable factor of production has a demand curve that is Question 3 Consider the graph above. A profit maximizing firm will hire a quantity of labor that Question 4 Consider the table above. How much does the 4th worker contribute to the firm’s revenue? Question 5 Consider the table above. What is the marginal product of the 5th worker? Question 6 When each additional worker hired contributes less than the previous worker hired to total output, we can say there are (is) Question 7 The labor supply curve would shift to the right if Question 8 A bakery firm owns a large factory in San Francisco. An earthquake destroys 25% of the bakery’s capital equipment. The marginal productivity of the undamaged capital equipment will Question 9 When a firm is hiring capital, labor and land for its production process, the cost minimization condition is Question 10 Your bagel shop uses both capital and labor in the production of bagels. In this production process capital and labor are substitutes. If you install a new oven and the marginal product of capital increases, you will