Labor Productivity, Where diminishing returns overwhelm gains through the division of

Labor Productivity

Where diminishing returns overwhelm gains through the division of specialized labor, when there is an inflection point on the total revenue curve derived by a total output curve, and by the vantage point of a purely competitive firm hiring workers into a competitive labor market: (1) labor’s marginal product is at its maximum. (2) labor’s marginal revenue product is at its maximum. (3) marginal cost is at its minimum. (4) the value of the marginal product of labor and marginal revenue product of labor are equal. (5) All of the above.

How can I solve my Economics problem? Please suggest me the correct answer.

View Complete Question

Related Questions in Managerial Economics

Q : When is our society possibly operating

Our society is possibly operating inefficiently when: (w) we could grow more pecans by producing fewer walnuts. (x) asthmatics would gain when all pollution were removed. (y) whole medical costs would be lower and people would be healthier when we dev

Q : Explain the meaning of Elasticity

Explain the meaning of Elasticity?

Q : Illustrates the Income Elasticity of

Illustrates the Income Elasticity of Demand?

Q : Shifting of market for productivity

When the U.S. soybean market is primarily in equilibrium on S0D0, and in that case a new fertilizer raises farm productivity and concurrently, foreigners are permitted greater access to U.S. soybean, there the market shifts to: (

Q : Surplus payment from society to

If a resource is in perfectly inelastic supply (like land), the resource price: (w) has no allocative function. (x) would rise only when resource demand falls. (y) is a surplus payment from society as an entire to resource owners. (z)

Q : Managerial slack and x-inefficiency A

A firm along with extreme managerial slack (i.e., X-inefficiency) can best survive when, it: (1) maximizes its economic profits. (2) spends large amounts on marketing and advertising. (3) has important market power and faces little potential competiti

Q : Lower Wage Differentials in Occupation

If all else regarding two occupations are relatively equal, then wages tend to be lower for jobs which: (1) require important education and training. (2) expose the worker to bad weather. (3) require extended periods away from home. (4) pose health and safety hazards

Q : Human Capital and the Demand for Labor

Investment in human capital is not essentially involved while: (w) people acquire and sharpen new productive skills. (x) a person attends college and learns engineering. (y) a person jogs to stay in shape. (z) the marginal productivity of labor increa

Q : Illustrates the real concept briefly

Illustrates the real concept briefly?

Q : Decide to produce or to shut down in

When, for a specified output level, an absolute or perfectly competitive firm's price is less in that case its average variable cost, so the firm: w) is earning a profit. x) must shut down. y) must increase output. z) must increase price.

Discover Q & A

Leading Solution Library

Avail More Than 1455704 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1955662
Asked

3,689

Active Tutors

1455704

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment