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A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If thiscraftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is

A hand made paper workshop can hire 8 craftsmen by paying them Rs 400 per person per day. The 9th craftsman demands Rs 450 per day. If thiscraftsman is hired then all other craftsmen must be paid Rs 450. The marginal resource (labour) cost of the 9th craftsman is Correct Answer Rs 850

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A ceramic pottery unit hires 8 craftsmen by paying each of them Rs 900 per day. The 9th craftsman demands Rs 950 per day. If this craftsman is hiredthen all other craftsmen must be paid Rs 950. The marginal resource (labour) cost of the 9th craftsman is _________.
A beedi making workshop can hire 5 women by paying them Rs. 300 per day. The 6th woman demands Rs. 350 per day. If this woman is hired then allother women must be paid Rs. 350. The marginal resource (labour) cost of the 6th woman is
Three friends want to hire a taxi for a trip. The taxi owner provides them with following three options: A. You can hire the taxi without an accompanying driver. This would cost you Rs. 2500 per day. Driver can be arranged from another agency for Rs. 500 per day. B. You can hire the taxi with driver from the first agency. This would cost you Rs. 2800 per day. But driver will have to be provided relief fund of Rs. 250 per day if total distance traveled exceeds 1500 KM. C. You can hire the taxi without an accompanying driver. This would cost you Rs. 2500 per day. Driver can be arranged from another agency for 50 paise per KM.  If the friends plan to travel to a place at a distance of 1500 kms and come back the next day, which tariff option should they choose? 
Three friends want to hire a taxi for a trip. The taxi owner provides them with following three options:  A. You can hire the taxi without an accompanying driver. This would cost you Rs. 2500 per day. Driver can be arranged from another agency for Rs. 500 per day.  B. You can hire the taxi with driver from the first agency. This would cost you Rs. 2800 per day. But driver will have to be provided relief fund of Rs.250 per day if total distance traveled exceeds 1500 KM.  C. You can hire the taxi without an accompanying driver. This would cost you Rs. 2500 per day. Driver can be arranged from another agency for 50 paise per KM.  If they had planned to travel total of 6000kms in 5 days. Which option would have been better? 
When labour is plotted on X-axis and capital is plotted on Y-axis and an iso-quant is prepared, then which of the following statements is/are false ? (a) Marginal rate of technical substitution of labour for capital is equal to the slope of the iso-quant. (b) Marginal rate of technical substitution of labour for capital is equal to change in the units of capital divided by the change in the units of labour. (c) Marginal rate of technical substitution of labour for capital is the ratio of marginal productivity of capital to marginal productivity of labour.
When labour is plotted on X-axis and capital is plotted on Y-axis and an isoquant is prepared, then which of the following statement(s) is/arefalse?
1. Marginal rate of technical substitution of labour for capital is equal to the slope of the iso-quant.
2. Marginal rate of technical substitution of labour for capital is equal to change in the units of capital divided by the change in the units of labour.
3. Marginal rate of technical substitution of labour for capital is the ratio of marginal productivity of capital to marginal productivity of labour.
7 workers work in a printing press. Each gets paid Rs 450 per day. The 8th worker demands Rs 500 per day. If this worker is hired then all other workersmust be paid Rs 500. The marginal resource (labour) cost of the 8th worker is _______.
In a year-end examination, 6 papers-Maths, Physics, Geography, Economics, Chemistry, History- are scheduled on 6 consecutive days of a week (Monday -Saturday). 1. Maths paper is after the Chemistry paper, with a 1-day gap between them. 2. Physics paper is on Monday. 3. Geography paper is not on the last day. 4. History paper, which is scheduled on the previous day of the Maths paper, has a two-day gap with the Physics paper. In the above description, the History paper was cancelled due to incompletion of syllabus and the exam was scheduled for five days (Monday - Friday), with the order of the papers reversed. Which paper was scheduled on Thursday? 
Given the following schema: employees(emp-id, first-name, last-name, hire-date, dept-id, salary) departments(dept-id, dept-name, manager-id, location-id) You want to display the last names and hire dates of all latest hires in their respective departments in the location ID 1700. You issue the following query: SQL>SELECT last-name, hire-date FROM employees WHERE (dept-id, hire-date) IN (SELECT dept-id, MAX(hire-date) FROM employees JOIN departments USING(dept-id) WHERE location-id = 1700 GROUP BY dept-id); What is the outcome?
In perfect competition, when a firm is in short periods, for equilibrium, the following condition does apply
1. Marginal cost must equal marginal revenue.
2. Average cost must equal average revenue.
3. Marginal revenue must equal average revenue.
4. Marginal cost must equal average cost.