Help me out here also post your reference plsss - 39880

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3. Determine whether each of the following is an explicit cost or an implicit cost:


 a) Payments for rented manufacturing equipment


 b) A firm’s use of a warehouse that it owns and could rent to another firm

 c) Wages paid to the firm’s workers

 d) The wages the firm’s owner could earn if he worked for another company


4.  Consider the following information in the table for Pat’s Pizza Restaurant and answer the questions below.

Marginal Product of Capital


Marginal Produce of Labor


Wage Rate


Rental Price of Pizza Ovens


 1. Is the owner of Pat’s Pizza Restaurant minimizing cost?


 2. Should he rent more ovens and hire fewer workers or rent fewer ovens and hire more workers?  Explain.



**show how to solve question 1

3 Solution for Help me out here also post your reference plsss
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$5.00 no category bmusembi 0 time(s)
Answer to your questions.
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