Suppose a Firm Is Using 100 Units of Labour and 50

question 40

Multiple Choice

Suppose a firm is using 100 units of labour and 50 units of capital to produce 200 completed client tax returns per day.The price of labour is $10 per unit and the price of capital is $5 per unit.The MP_L equals 2 and the MP_K equals 5.In this situation,

• A)the firm is minimizing its costs.
• B)the firm should increase the use of both inputs.
• C)the firm could lower its production costs by decreasing labour input and increasing capital input.
• D)the firm could lower its production costs by increasing labour input and decreasing capital input.
• E)the firm should decrease the use of both inputs.

Grasp the notion of emotional labor and its significance in job performance and satisfaction.

Understand the concepts of elasticity of demand and supply.

Identify and analyze the types of goods (normal, inferior, substitute, complementary, independent).

Determine the relationship between changes in price or income and the quantity demanded or supplied using elasticity measures.

---

Definitions:

FBI Spied

Refers to surveillance activities carried out by the Federal Bureau of Investigation, often on citizens or groups within the U.S., sometimes sparking controversy over privacy rights.

Warren Burger

Served as the 15th Chief Justice of the United States Supreme Court from 1969 to 1986, known for overseeing a court that delivered landmark rulings on racial segregation, abortion, and the rights of the accused.

Judicial Activism

The judicial philosophy that posits judges should freely interpret the existing laws and the Constitution to address contemporary conditions and uphold personal or political values.

Conservative Tone

An approach or style of expression that emphasizes traditional values, caution, and resistance to change.