Log in
Economics
1
answer
0
watching
104
views

Marginal resource cost is:

a. the increase in total resource cost associated with the production of one more unit of output.

b. the increase in total resource cost associated with the hiring of one more unit of the resource.

c. total resource cost divided by the number of inputs employed.

d. the change in total revenue associated with the employment of one more unit of the resource.

Watch
1
answer
0
watching
104
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Sonia Dhawan
Sonia DhawanLv10
3 Oct 2020

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

1. Which of the following is characteristic of the marginal revenue product schedule for a resource?

a. It approximates the firm's demand curve for the resource.

b. It measures the change in total revenue resulting from employing an additional unit of the resource.

c. It is determined by multiplying the marginal product of the resource by the marginal revenue of the good produced.

d. All of these are true.

 

2. Assume Ajax Company employs 100 workers and the total revenue is $400,000 per week. When Ajax Company employs 101 workers, the total revenue is $405,000. The marginal revenue product of the 101st worker is:

a. $40,000.

b. $5,000.

c. $405,000.

d. none of these.

 

3. The optimal number of workers to be hired by a firm operating in a competitive labour market is where:

a. P = MRP.

b. MP = MRP.

c. MRP = w.

d. P = w.

 

1. Which one of the following is the least-likely to be subject to exploitation as a common property resource?

A. The atmosphere

B. An open-ocean fishery

C. A public park

D. A parking lot

E. A river

2. What is the typical shape of a total product curve?

A. An S-shape

B. A U-shape

C. An inverted U-shape

D. A constantly increasing line

E. A constantly decreasing line

3. The open access equilibrium for a common property resource occurs at the point where...

A. Average revenue equals marginal cost

B. Total social benefits are maximized

C. Total private benefits are maximized

D. Marginal revenue equals marginal cost

E. Marginal revenue equals total costs

4. The economic optimum production level for a common property resource occurs where ...

A. Total revenue equals total costs

B. Average revenue equals marginal cost

C. Average revenue equals average cost

D. Marginal revenue equals total costs

E. Marginal revenue equals marginal cost

5. The open access equilibrium is usually ...

A. Economically efficient but ecologically unsustainable

B. Economically efficient and ecologically sustainable

C. Economically inefficient but ecologically sustainable

D. Neither economically efficient nor ecologically sustainable

E. Highly profitable for resource users

6. Which one of the following variables is most likely to increase as production effort is increased?

A. Net revenue

B. Marginal costs

C. Marginal revenue

D. Total costs

E. Average revenue

7. Which one of the following variables is most likely to decline as production effort increases?

A. Marginal cost

B. Total revenue

C. Marginal revenue

D. Total costs

E. Total production

8. The efficient price of a license fee is determined by the difference between ...

A. Marginal revenue and marginal cost

B. Average revenue and marginal cost

C. Total revenue and total cost

D. Average revenue and total cost

E. Total revenue and marginal cost

9. Which one of the following statements is false?

A. The economically optimal level of production is less than the open-access equilibrium level of production

B. The economically optimal level of production occurs at the maximum sustainable yield

C. Charging a license fee for access to a common resource will reduce the production level below the open-access equilibrium

D. The

The law of increasing opportunity costs states that:

a. The opportunity cost of each additional unit of output of a good over a period of time decreases as more of that good is produced.
b. Increasing resource prices are inevitable because of scarcity.
c. The opportunity cost of each additional unit of output of a good over a period of time increases as more of that good is produced.
d. Resources are easily adaptable to the production of any good. Economic growth is always associated with inflation.
c. The opportunity cost of each additional unit of output of a good over a period of time increases as more of that good is produced.

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in