Suppose the Fluffy Pillow Company produces pillows. The number of pillows it can produce each hour depends on the number of workers it hires, as shown in the accompanying table. In addition, each pillow can be sold for $2 more than the cost of the materials needed to produce it. Number of workers per hourNumber of pillows per hour00124242354460561 What is the value of the marginal product of the 2nd worker hired each hour?
A. $84
B. $24
C. $16
D. $36
Answer: D
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Use the following graph to answer the next question.
In the figure, AD1 and AS1 represent the original aggregate supply and demand curves. If Q1 is full-employment output, then the long-run aggregate supply curve is located at output level ________.
A. Q2 B. Q1 C. Q3 D. None of these choices are correct.
What are the steps involved in optimization in levels? If option A has a cost of $5 and provides a benefit of $8, and option B has a cost of $10 and provides a benefit of $15, which of the two projects is optimal?
What will be an ideal response?
Economics is a social science that involves the study of how individuals
A) develop their tastes and preferences. B) maximize their wealth. C) define happiness. D) choose among alternatives to satisfy their unlimited wants.
If the exchange rate of Euros to American dollars was €1.00 = $1.00 yesterday and today is €1.00 = $1.05, then:
(a) The euro appreciated in value relative to the American dollar. (b) The euro depreciated relative in value to the American dollar. (c) All things being equal, imports from the Eurozone to America are more expensive today than they were yesterday. (d) Both (a) & (c) are correct.