Using the table above, what is the marginal product of the 5th worker hired at Decent Donuts?
A) 86 dozen donuts per day
B) 22 dozen donuts per day
C) 17.2 dozen donuts per day
D) 64 dozen donuts per day
B
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Abstraction is used in economics to omit unnecessary details and focus on the essence of the problem being studied
a. True b. False Indicate whether the statement is true or false
The CPI is based on a representative group of goods called the market basket
Indicate whether the statement is true or false
The two primary markets for savers to get funds to borrowers are the ______.
a. commodities market and retail market b. precious metals market and currency market c. stock market and bond market d. real estate market and consumer goods market
Refer to Table 10.1. Suppose that this year the wage rate is $30 and the price of the good is $1. If the firm is maximizing profit, ________ workers will be hired. Next year the wage rate will increase to $40, but the price of the good will remain at $1. Then ________ workers will be hired.
A. 6; 5 B. 6; 6 C. 7; 6 D. 5; 5