Harry owns a barbershop and charges $6 per haircut. By hiring one barber at $10 per hour, the shop can provide 24 haircuts per eight-hour day. By hiring a second barber at the same wage rate, the shop can now provide a total of 42 haircuts per day. The MP of the second barber is
A) $240.
B) $108.
C) 18 haircuts.
D) 42 haircuts.
Correct Answer:
Verified
Q1: We say that the demand for labor
Q2: Marginal product is
A) the output of the
Q4: An employer hiring in a competitive labor
Q5: Harry owns a barbershop and charges $6
Q6: Assume labor is the only variable input
Q7: The marginal revenue product schedule is
A) the
Q8: Resource pricing is important because
A) resource prices
Q9: The MRP curve for labor
A) intersects the
Q10: When economists say that the demand for
Q11: The demand for airline pilots results from
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