Suppose That the Labor Supply Curve for a Large University

question 12

Multiple Choice

Suppose that the labor supply curve for a large university in a small town is given by w = 160 + 0.05L, where L is number of units of labor per week and w is he weekly wage paid per unit of labor.If the university is currently hiring 1,000 units of labor per week, the marginal cost of an additional unit of labor

• A)equals the wage rate.
• B)equals the wage rate plus $50.
• C)is twice the wage rate.
• D)equals the wage rate plus $100.
• E)equals the wage rate plus $150.

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Definitions:

Changing Sales Mix

Refers to alterations in the proportion of different products or services sold by a company, impacting revenue and costs.

Sales Mix

The proportion of different products or services that make up a company's total sales.

Composite Mix

A method or strategy combining different products, services, or resources to achieve a desired outcome or performance in business.

Multiproduct Company

A business that produces and sells more than one type of product.