Economics Past Questions and Answers

If wage rate is less than the average revenue product, the firms would be earning________

No of Men	1	2	3	4	5	6	7	8
Total Product(unit)	200	440	540	600	640	660	660	640

If the price per unit is N2, what is the average revenue when 6 men are employed?

In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

The additional revenue obtained by using one more unit of a factor is called its?

The additional revenue obtained by using one more unit of a factor is called?