ECO 365T Wk 5 - Apply: The Microeconomics of Resource Markets & Trade Hw

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ECO 365T Wk 5 - Apply: The Microeconomics of Resource Markets & Trade Hw 

Review the Week 5 The Microeconomics of Resource Markets and Trade Quiz in preparation for this assignment.

Complete the Week 5 The Microeconomics of Resource Markets and Trade Homework in McGraw-Hill Connect®. These are randomized questions.

Note: You have only one attempt available to complete assignments. Grades must be transferred manually to eCampus by your instructor. Don't worry, this might happen after the due date.

Which of the following scenarios would lead to a decrease in the demand for labor at Stephanie’s earring shop?

Labor productivity increases.

The cost of capital (a substitute for labor) decreases.

The price of earrings increases.

The wage rate increases.

Which of the following scenarios would lead to an increase in the demand for mixers at Henry’s bread bakery?

The market price of mixers decreases.

The productivity of mixers decreases.

The wage rate of labor (a substitute for capital) decreases.

The market price of bread increases.

Instructions: Enter your answers as a whole number.

Henry's Bakery and Revenues

Capital (mixers)     Total Product (loaves of bread)     Marginal Product (loaves of bread)      Price (dollars)Total Revenue (dollars)       Marginal Revenue Product (dollars)

0     0     —    $4    $0    —

1     8     8     4     32    $ 32

2     20    12    4     80    48

3     28    8     4     112  32

4     34    6     4     136  24

5     38    4     4     152  16

6     40    2     4     160  8

7     41    1     4     164  4

The marginal revenue product schedule is

rev: 06_21_2018

Multiple Choice

the same whether the firm is selling in a purely competitive or imperfectly competitive market.

the firm's resource demand schedule.

the firm's resource supply schedule.