答案和详解如下： 1.A shop foreman determines that an employee would produce two more units of output if he worked one additional hour. The product currently sells for $15.00 per unit and the firm is a price taker. Which of the following choices most accurately describes the relationship between the marginal revenue (MR) and marginal revenue product (MRP) from the additional hour of labor input? A) MRP > MR. B) MRP = MR. C) MR < $15 and MRP = MR. D) MR = $15 and MRP < MR. The correct answer was A) By definition, the MR is the addition to total revenue from selling one more unit of output. The MRP is the revenue from selling the marginal product, which in this example is two units. Therefore the MRP must be greater than the MR. 2.Hay farmers are in a perfectly competitive market. Assume that each acre of land produces 100 bushels of hay. The marginal revenue product of an acre of land is then: A) (price of hay per bushel)/100. B) price of hay per bushel. C) 100 × (price of hay per bushel). D) 100. The correct answer was C) The marginal revenue product of an input is the extra revenue generated by an additional unit of that input, which is an acre of land in this case. If the firm is a price taker, then the additional output from the additional input does not change the price of the final good. Thus, the marginal revenue product is simply the extra output times the price of the output. 3.Marginal revenue product is best defined as the: A) additional output that results from employing one more unit of a productive input. B) gain in total revenue from selling one more unit of output. C) addition to total revenue from selling the additional output from using one more unit of an input. D) level of product output at which marginal revenue is equal to marginal cost. The correct answer was C) The marginal revenue product is the addition to total revenue from selling the additional output that one more unit of an input can produce. The additional output that results from employing one more unit of a productive input is the marginal product. The gain in total revenue from selling one more unit of output is the marginal revenue. A marginal revenue product exists for any level of output; it is not limited to the level at which marginal revenue equals marginal cost. 4.The increase in total revenue from selling the additional output of one more unit of an input is called the input’s: A) factor of production. B) marginal revenue. C) marginal revenue product. D) rate of productivity. The correct answer was C) The marginal revenue product of an input is the addition to total revenue gained by selling the additional output from employing one more unit of that input. 5.Are the following two statements about the marginal revenue product (MRP) of a factor of production correct? Statement 1: In a price taker market, the MRP of an input is the marginal product of the input multiplied by the price of the output it generates. Statement 2: If we compare any two productive inputs, the one with the higher MRP will earn greater economic rent.
A) Correct Correct B) Incorrect Correct C) Incorrect Incorrect D) Correct Incorrect The correct answer was D) Statement 1 is correct. MRP is the addition to total revenue from selling the output generated by one more unit of input. In a price taker market (i.e., perfect competition), marginal revenue is equal to price. Therefore, the MRP is the marginal product of the input times the output price. Statement 2 is incorrect. The extent to which a factor of production earns economic rent depends on the shape of its supply curve. An input with a high MRP might earn very little economic rent if the supply of the input is highly elastic. An input with a relatively lower MRP can earn significant economic rent if its supply is highly inelastic. 6.In a discussion about the factors that determine a firm’s demand for labor, Kathleen Jorgensen asserts the following: Statement 1: A firm’s marginal revenue curve is equivalent to its short-run labor demand curve. Statement 2: A decrease in the equilibrium market price of a firm’s product will increase the firm’s demand for labor because the firm will sell more units of the product. Are Jorgensen’s statements correct?
A) Correct Correct B) Correct Incorrect C) Incorrect Correct D) Incorrect Incorrect The correct answer was D) Both statements are incorrect. The marginal revenue product of labor (MRP) curve defines a firm’s short-run labor demand curve. MRP is the gain in total revenue from selling the additional output from employing one more unit of labor input. A decrease in the equilibrium market price of a good reduces the MRP of the labor used to produce that good. The result is a decrease in the firm’s demand for labor. | 
发表于 2008-4-18 12:31
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