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Factor Markets
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Period 1
Period 2
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Period 5
Factor demand is said to be derived demand because it:
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requires the use of other factors.
depends on product demand
has a downward-sloping demand curve
has a constant marginal factor cost.
Using the chart below. The law of diminishing marginal returns occurs after hiring which worker?
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First
Second
Third
Fourth
Fifth
Using the chart above. If the price per output is $2 and if each worker receives $40 an hour, how many workers will the owner hire to maximize profits?
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2
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5
A firm realizes that it has diminishing returns to labor. This means that
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its total output decreases as it hires additional units of labor
its total output increases as it hires additional units of labor, but it increases at a decreasing rate.
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