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1、Microeconomics, 9e (Pindyck/Rubinfeld)Chapter 14 Markets for Factor Inputs14.1 Competitive Factor MarketsA firm should hire more labor when the marginal revenue product of labor:A) equals the wage rate.B) exceeds the wage rate.C) is less than the wage rate.D) Any of these can be true.E) None of thes
2、e are true.Answer: BDiff: 1Section: 14.1The marginal revenue product of labor is equal to:A) MPl / P.B) MPl * MR.C) MPl / MR.D) MR / MPl.Answer: BDiff: 1Section: 14.1The marginal revenue product can be expressed as the:A) additional revenue received from selling one more unit of product.B) increment
3、 to revenue received from one additional unit of input hired.C) marginal physical product of an input times the average revenue received from the sale of the product.D) average physical product of the input times the marginal revenue received from the sale of the final product.Answer: BDiff: 1Sectio
4、n: 14.128) The industry demand curve for labor is the:A) horizontal sum of individual firm labor demand curves.B) vertical sum of individual firm demand curves.C) representative firms demand curve multiplied by the number of firms.D) none of the aboveAnswer: ADiff: 2Section: 14.129) If the firms in
5、an industry could take advantage of a reduced wage, how would one best describe the firms demand for labor? The MRPl：A) schedule would remain unchanged, and the firms would hire more labor at the lower wage.B) schedule would shift to the left and the firms would move down the new schedule.C) schedul
6、e would shift to the right and the firms would move down the new schedule.D) none of the aboveAnswer: ADiff: 2Section: 14.130) The marginal product of labor for Acme, Inc. is 15. The average product of labor is 25, and the price of labor is $10. Assuming that Acme, Inc. is a competitor in its output
7、 and input markets, the marginal revenue product of labor:A) is $10.B) is $150.C) is $250.D) is $375.E) cannot be determined with the information provided.Answer: EDiff: 2Section: 14.1The Acme Company is a perfect competitor in its input markets and its output market. Its average product of labor is
8、 30z the marginal product of labor is 20, the price of labor is $20, and the price of the output is $5. For Acme Company, the marginal revenue product of labor:A) is $100.B) is $150.C) is $400.D) is $600.E) cannot be determined with the information provided.Answer: ADiff: 2Section: 14.131) The Acme
9、Company is a perfect competitor in its input markets and a monopolist in its output market. Its average product of labor is 30, the marginal product of labor is 20, the price of labor is $20, and the price of the output is $5. For Acme Company, the marginal revenue product of labor:A) is $100.B) is
10、$150.C) is $400.D) is $600.E) cannot be determined with the information provided.Answer: EDiff： 2Section: 14.1The Acme Company is a perfect competitor in its input markets and a monopolist in its output market. The marginal product of labor is 20 and the price of Acmes output is $10. For Acme Compan
11、y, the marginal revenue product of labor is:A) less than $10.B) $10.C) $20.D) less than $200.E) $200.Answer: DDiff: 2Section: 14.1The Acme Company is a perfect competitor in its input markets and its output market. Its average product of labor is at its maximum and equals 30. The marginal revenue pr
12、oduct of labor is $300. The price of its output:A) is $0.10.B) is $10.C) is $9,000.D) cannot be determined without more information.Answer: BDiff: 3Section: 14.1Scenario 143:Suppose that a firms demand curve for its product is as follows:OutputPrice of the Good259408547676795904Also supposethat labo
13、r is the only variableAmount of Total Output Laborinput of production, and that the total product of labor is:225340454567679790Given the data in Scenario 14.3, how much labor should the firm employ if labor costs $30 a unit?A) 3 units of labor4 units of laborB) 5 units of labor6 units of laborC) 7
14、units of laborAnswer: BDiff: 3Section: 14.132) Refer to Scenario 14.3. What is the marginal profit from hiring the third unit of labor?A) 3065B) 85225C) none of the aboveAnswer: BDiff: 3Section: 14.1l(Kome(do! hrsI ieitrsf leisureA consumers original utility maximizing combination of income and leis
15、ure is shown in the diagram above as point A. After a wage decrease, the consumers utility maximizing combination changes to point C.33) Refer to Figure 14.1.4 above. The substitution effect of the wage decrease on the amount of hours of leisure is:A) Li to L0.B) Lq to Li.C) Li to L2.D) L2 to Lq.E)
16、none of the aboveAnswer: CDiff: 3Section: 14.134) Refer to Figure 14.1.4 above. The income effect of the wage decrease on the amount of hours of leisure is:A) Lq to Li.B) Lq to L2.C) Lj to L2.D) L2 to Li.E) none of the aboveAnswer: EDiff: 3Section: 14.135) Suppose a firm has one variable input, labo
17、r. Why is the MRPl curve for a competitive firm above the MRPl curve for a monopolist?A) Without competition from other firms, monopolies are less efficient and the marginal product of labor is lower at each level of output.B) Although the marginal product of labor may be the same under both market
18、structures, the marginal revenue of the monopoly declines with output.C) Monopolists have less incentive to invest in worker training and other methods for improving labor productivity, so the marginal product of labor is lower in the monopoly case.D) none of the aboveAnswer: BDiff: 2Section: 14.136
19、) Use the following statements to answer this question:I) Under profit maximization, the quantity of labor used in production is optimal if MR = w/MPl，. The expression MR = w/MPL implies that the revenue earned from the last unit of output produced equals the marginal cost of the last unit of output
20、.J) I and II are true.K) I is true and II is false.L) II is true and I is false.M) I and II are false.Answer: ADiff： 1Section: 14.1Suppose labor and capital are variable inputs. The wage rate is $20 per hour, the marginal product of labor is 30 units, the rental rate of capital is $100 per machine h
21、our, and the marginal product of capital is 150 units. If the wage rate declines to $15 per hour, the firm employs more labor and the marginal product of labor declines to 20 units. Assuming the rental rate of capital remains the same, what happens to the amount of capital used by the firm?A) Decrea
22、sesIncreasesB) No changeWe do not have enough information to answer this question.Answer: BDiff: 2Section: 14.142) Suppose labor and capital are variable inputs. The wage rate is $20 per hour, the marginal product of labor is 30 units, the rental rate of capital is $100 per machine hour, and the mar
23、ginal product of capital is 150 units. If the wage rate declines to $15 per hour, the firm employs more labor and the marginal product of labor declines to 20 units. Assuming the rental rate of capital remains the same, what is the marginal product of capital at the new optimal level of input usage?
24、A) 100 units133 unitsB) 150 unitsWe do not have enough information to answer this question. Answer: B Diff: 1Section: 14.1Let P be the output price for a particular good. Why is the value P*MPl greater than MRPl for a monopolist?A) The monopolist is not as technically efficient as firms operating un
25、der perfect competition.B) The monopolist hires less labor, so MPl is higher under a monopoly than under perfect competition.C) The monopolist sets a price that is higher than MR.D) A and C are correct.E) B and C are correct.Answer: EDiff: 2Section: 14.1Labor is typically assumed to be the only vari
26、able input in very short-run production systems, and the number of variable inputs increases as we lengthen our planning horizon from short run to long run. What happens to the labor demand curve as we move from short run to long run?A) Demand curve becomes less elastic.B) Demand curve elasticity do
27、es not change.C) Demand curve becomes more elastic.D) Demand curve becomes upward sloping.Answer: CDiff： 2Section: 14.143) Electric power utility companies use various fuel sources (e.g., coal, natural gas, nuclear) to generate electricity for their customers. What happens to the demand for natural
28、gas used to generate electricity as we move from a short-run planning horizon to a long-run planning horizon? Why?A) Demand becomes more inelastic over time because the other fuel sources become more scarce, so there are fewer options available for electric power utilities in the long run.B) Demand
29、becomes more inelastic over time because all of the power generation plants tend to choose the same technology, which makes the industry less responsive to prices in the long run.C) Demand becomes more elastic over time because the electric plants technology becomes obsolete, and the power company h
30、as less flexibility to adjust to changes.D) Demand becomes more elastic over time because the power companies have more options available and can adopt new generating technologies or substitutes for natural gas over the long run.Answer: DDiff： 2Section: 14.1In general, does the demand for labor beco
31、me more or less elastic as we increase the number of other variable inputs used in a production process?A) More elasticNo change in elasticityB) Less elasticWe cannot answer this question without more information about the other inputs. Answer: ADiff: 2Section: 14.144) Clarke Mementos manufactures s
32、mall figurines that they sell to retailers around the country. Clarke sells the figurines for $5.00 each, a price the firm considers given. Clarkes production function is given by the expression:Q = 60L - 0.5L2where Q = number of figurines per day, and L = number of skilled workers per day. Based on
33、 this production function, the average and marginal products of labor are as follows:AP = 60 - 0.5LMP = 60 - LWrite an expression for the firms marginal revenue product.a. Clarke currently pays $150 per day (including fringe benefits) for each of its skilled workers. How many workers should the firm
34、 employ?b. Clarkes workers are highly skilled artisans with a great deal of job mobility. The firms managers fear that they must increase the workers total compensation to $200 per day to remain competitive. What impact would the wage increase have upon the firms employment?Answer:MRP = MR - MPP = M
35、R since the firm regards price as givenP = 5MRP = 5(60 - L) = 300 - 5Lb.Equate MRP to wage:300 - 5L = 1505L = -150L = 30At the new wage of 200,300 - 5L = 200-5L = -100L = 20Employment would fall from 30 to 20.Diff: 2Section: 14.145) Use the data in the table below to answer the following questions a
36、bout a firm.Units ofUnits ofTotalMarginalOutputInput XInput YProductProduct of XPrice0250$101252102257103251410425201052523106252410Complete the table by calculating the marginal product of input X.a. Compute the marginal revenue produce of input X.b. If the price of input X were $30 per unit, how m
37、any units should the firm use per unit of time to maximize profit? Explain why profit is maximized.Answer:a.The MPx values are: 2, 5, 7, 6, 3,1b.MRPx = MPx - MRq = 20, 50, 70, 60, 30,10 c.Equate ME to MRP to get 5 units of input. Profit is maximized because the marginal expenditure for the last unit
38、 of X hired just equals the marginal revenue generated. Also MRPx is decreasing as more X is hired; this is associated with a maximum.Diff: 1Section: 14.146) The table below shows a firms output per day for zero through six workers.0L004618421143136415051566The firms demand and marginal revenue curv
39、es are:P = 50- 0.125Q MR = 50 - 0.25Q,where Q = daily sales, and P = output price.a. Determine the marginal product of labor for one through six workers.b. Determine the firms marginal revenue product.c. How many workers should the firm hire if total wage costs including fringe benefits are $30 per
40、hour?(Each worker is employed for eight hours per day.)Answer:a.Marginal product is change in total product from one more worker.0LMP00461468423811433013642215051415666Refer to Figure 14.1.1 above. The figure shows the firms demand curve with variable capital. The shift in the marginal revenue produ
41、ct curve is caused by:ab)od)an increase in capital.a decrease in capital.an increase in the wage rate.a decrease in the wage rate.Answer: DDiff： 1Section: 14.1Other things being equal, the marginal revenue product (MRP) curve for a competitive seller:A) lies below the MRP curve for a monopolist.B) i
42、s identical to the MRP curve for a monopolist.C) lies above the MRP curve for a monopolist.D) is upward sloping whereas a monopolist has a downward sloping MRP curve.Answer: CDiff: 1Section: 14.1What can account for the negative slope of the marginal revenue product curve?A) Diminishing marginal uti
43、lityDiminishing marginal returnsB) Monopsony powerAll workers eventually begin slacking.C) none of the aboveAnswer: BDiff: 1Section: 14.1b.MRP = MR - MPlWe must determine MR at levels of output corresponding to one through six workers.MR=50 - 0.25Q=MR(46)=50 - 0.25(46)=38.50MR(84)=50 - 0.25(84)=29.0
44、0MR(114)=50 - 0.25(114)=21.50MR(136)=50 - 0.25(136)=16.00MR(150)=50 - 0.25(150)=12.50MR(156)50 - 0.25(156)=11.00MRP = MR MPlLOMPMRMRP1464638.5017712843829.00110231143021.5064541362216.0035251501412.501756156611.0066The firm would want to hire every worker whose MRP W. Thirty dollars per hour is $240
45、 per day.The firm would want to hire four workers.Diff: 2Section: 14.114.2 Equilibrium in a Competitive Factor Market1) Refer to Figure 14.2.1 above. The value of marginal product A4Pl), or value of a marginal worker equals the wage rate, A) in panel (a).B) in panel (b).C) in both panels.D) in neith
46、er panel.Answer: CDiff: 2Section: 14.2Refer to Figure 14.2.1 above. Which of the following statements is correct?A) Because the value of marginal product is higher than the wage rate for the firm in panel (b), the firm hires more workers than the firm in panel (a).B) Because the value of marginal pr
47、oduct is higher than the wage rate for the firm in panel (b), the firm hires less workers than the firm in panel (a).C) Because the value of marginal product is higher than the wage rate for the firm in panel (a), the firm hires less workers than the firm in panel (a).D) Because the value of marginal product is higher than the wage rate for the firm in panel (a), the fir