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Show transcribed image text Erin makes sweaters in her home. She started with just some knitting needles and yarn and was able to knit 50 sweaters per year. Now some local stores have expressed interest in her designs and have offered to buy her sweaters for \$25 each. This makes it worthwhile for her to invest in some capital; in particular, she could produce many more sweaters if she invested in one or more looms, as shown in the following table. Calculate and enter the marginal physical product, as well as the marginal revenue product, of each loom in the previous table. If the rental price of a loom is \$600 per year, Erin should use Suppose the demand for sweaters is very elastic, while the demand for cigarettes is very inelastic. Assuming that looms and tobacco are exclusively used for the production of sweaters and cigarettes respectively, we would expect: The supply of tobacco to be less elastic than the supply of looms The demand for tobacco to be less elastic than the demand for looms The supply of tobacco to be more elastic than the supply of looms The demand for tobacco to be more elastic than the demand for looms A profit-maximizing firm will use more of a factor of production when: The extra cost of using an additional factor unit is less than the marginal revenue product of the additional factor unit The marginal physical product of the additional factor unit is greater than the marginal revenue product (MRP) of the additional factor unit The marginal physical product of the additional factor unit is less than the marginal revenue product of the additional factor unit The extra cost of using an additional factor unit is less than the marginal physical product of the additional factor unit Applying that argument to the labor market, when the wage rate is above the MRP, the firm should hire workers. Therefore, what is the relationship between a perfectly competitive firm's MRP curve for an input and that firm's demand curve for that input? The firm's demand curve for an input is the downward-sloping portion of the MRP curve. They are unrelated. They are identical except for the units (and scale) of their vertical axes.

Erin makes sweaters in her home. She started with just some knitting needles and yarn and was able to knit 50 sweaters per year. Now some local stores have expressed interest in her designs and have offered to buy her sweaters for \$25 each. This makes it worthwhile for her to invest in some capital; in particular, she could produce many more sweaters if she invested in one or more looms, as shown in the following table. Calculate and enter the marginal physical product, as well as the marginal revenue product, of each loom in the previous table. If the rental price of a loom is \$600 per year, Erin should use Suppose the demand for sweaters is very elastic, while the demand for cigarettes is very inelastic. Assuming that looms and tobacco are exclusively used for the production of sweaters and cigarettes respectively, we would expect: The supply of tobacco to be less elastic than the supply of looms The demand for tobacco to be less elastic than the demand for looms The supply of tobacco to be more elastic than the supply of looms The demand for tobacco to be more elastic than the demand for looms A profit-maximizing firm will use more of a factor of production when: The extra cost of using an additional factor unit is less than the marginal revenue product of the additional factor unit The marginal physical product of the additional factor unit is greater than the marginal revenue product (MRP) of the additional factor unit The marginal physical product of the additional factor unit is less than the marginal revenue product of the additional factor unit The extra cost of using an additional factor unit is less than the marginal physical product of the additional factor unit Applying that argument to the labor market, when the wage rate is above the MRP, the firm should hire workers. Therefore, what is the relationship between a perfectly competitive firm's MRP curve for an input and that firm's demand curve for that input? The firm's demand curve for an input is the downward-sloping portion of the MRP curve. They are unrelated. They are identical except for the units (and scale) of their vertical axes.

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