Q Question 1 1 / 1 pts Inputs of a MPa Inputs of b MPb 1 25 1 40 2 20 2 36 3 15 3 32 4 10 4 24 5 5 5 20 6 2 6 16 7 1 7 8 The table gives marginal product data for resources a and b. The output of these independent resources sells in a purely competitive market at $1 per unit. Assuming the prices of resources a and b are $5 and $8, respectively, what is the profit-maximizing combination of resources? Question 2 0 / 1 pts Quantity of Labor MP of Labor MRP of Labor Quantity of Capital MP of Capital MRP of Capital 1 15 $45 1 8 $24 2 12 36 2 6 18 3 9 27 3 5 15 4 6 18 4 4 12 5 3 9 5 3 9 6 1 3 6 2 6 Refer to the given data. If the prices of labor and capital are $9 and $15, respectively, and labor and capital are the only inputs, at the profit-maximizing level of output, the firm's total costs will be Question 3 0 / 1 pts Inputs of a MPa Inputs of b MPb 1 25 1 40 2 20 2 36 3 15 3 32 4 10 4 24 5 5 5 20 6 2 6 16 7 1 7 8 The table gives marginal product data for resources a and b. The output of these independent resources sells in a purely competitive market at $1 per unit. Assuming the prices of resources a and b are $5 and $8 respectively, what is the least costly combination of resources for the firm to employ in producing 192 units of output? Question 4 1 / 1 pts Quantity of Labor MP of Labor MRP of Labor Quantity of Capital MP of Capital MRP of Capital 1 15 $45 1 8 $24 2 12 36 2 6 18 3 9 27 3 5 15 4 6 18 4 4 12 5 3 9 5 3 9 6 1 3 6 2 6 Refer to the given data. If the prices of labor and capital are $9 and $15, respectively, at the profit-maximizing level, the firm's total output will be Question 5 1 / 1 pts Inputs of a MPa Inputs of b MPb 1 25 1 40 2 20 2 36 3 15 3 32 4 10 4 24 5 5 5 20 6 2 6 16 7 1 7 8 The table gives marginal product data for resources a and b. The output of these independent resources sells in a purely competitive market at $1 per unit. Assuming the prices of resources a and b are $5 and $8, respectively, when the firm hires the profit-maximizing combination of resources, its economic profit will be

View Related Questions