Refer to the table below. As stated in the first row, the income of the consumer (1) equals $20. The price of good X (Px) equals $4.00, and the price of good Y (Px) equals $2.00. Total utility derived from consuming X and Y is listed. what is the marginal utility per dollar spent on the fifth unit of good X?
Answer: 2
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As demonstrated by the labor supply schedule, the quantity of labor supplied depends on
A) workers' productivity. B) the value of the dollar. C) the nominal wage. D) the amount of labor that firms want to hire. E) the real wage.
Large differences in inflation rates among countries are almost always the result of large differences in
A) productivity. B) real income growth. C) the growth rates of real money demand. D) the growth rates of nominal money supplies.
The interest rate charged by the Fed to member banks is called the _____
Fill in the blank(s) with correct word
Table 30.2Number of stylists (per week)Total output (per week)Marginal physical product (output per stylist)Total revenue (dollars per week)Marginal revenue product (dollars per stylist)00---________---160________________________280________________________390________________________490________________________Table 30.2 shows how many hairstyling appointments a hair salon can schedule per week based on the number of stylists. In the spaces provided, compute the marginal physical product (MPP) of the hair stylists, total revenue, and marginal revenue product of the stylists, assuming that a hair stylist charges $60 per appointment. What is the marginal revenue product of the second hairstylist?
A. $80 per week. B. $1,200 per week. C. $4,800 per week. D. $20 per week.