ECON 102 ECON102 Quiz 6 Answers (Penn State University)

ECON 102 ECON102 Quiz 6 Answers (Penn State University)

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ECON 102 Quiz 6 Answers (Penn State University)

Question 1

1 / 1 pts

Select the answer below that corresponds to the idea of a derived demand curve.

Question 2

0 / 1 pts

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

1 / 1 pts

When each additional worker hired contributes less than the previous worker hired to total output, we can say there are (is)

Question 7

1 / 1 pts

The labor supply curve would shift to the right if

Question 8

0 / 1 pts

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

0 / 1 pts

When a firm is hiring capital, labor and land for its production process, the cost minimization condition is

Question 10

1 / 1 pts

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


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