Refer to the table below. If the profit for each unit of paper product is $3.00 and the profit for each unit of lumber is $13.50, what is Big Oaks' marginal cost of producing between points C and D on their production possibilities frontier?
Big Oaks can produce either paper products or lumber with each tree that they harvest. Because Big Oaks can adjust the amount of paper products and lumber they produce from the harvested trees, paper products and lumber are produced in variable proportions. The above table summarizes Big Oaks production possibilities from each harvested tree.
A) $7.50
B) $2.50
C) $3.75
D) $9.25
A) $7.50
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The table above shows the total product schedule for The X Firm. Decreasing marginal returns occur with the ________ worker because ________
A) 5th; the marginal product of labor for the 5th worker is less than the marginal product of the 4th worker B) 5th; the average product of labor is also declining C) 4th; output reaches is maximum D) 6th; output starts to decline E) 6th; the marginal product of labor is greater than the average product of labor
What is the United States government's formal definition of the poverty line?
A) It is a level of annual income equal to total income in society divided by the population, adjusted for a family of four. B) It is the annual income level below which a household is exempt from taxes. C) It is a level of annual income equal to the amount of money necessary to purchase the minimal quantity of food required for adequate nutrition. D) It is a level of annual income equal to three times the amount of money necessary to purchase the minimal quantity of food required for adequate nutrition.
When prices are rising, which of the following will be true?
A) The real interest rate will be lower than the nominal interest rate. B) The real interest rate will be higher than the nominal interest rate. C) The real interest rate will be negative. D) The nominal interest rate will be negative.
Oral contraception allows women of childbearing age to do all of the following EXCEPT:
A. remain in school. B. work more in the paid labor force. C. earn as much as men of the same age. D. pursue longer-term careers.