In the above table, when the firm employs 3 workers, the marginal product will be
A. 36.67 tablets.
B. 30 tablets.
C. 42 tablets.
D. 208 tablets.
Answer: C
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Gross Domestic Product is defined to be the market value of all the final goods and services produced during a given time period
A) within a country. B) within and outside a country by that country's citizens. C) by citizens of the country, regardless of their place of residence. D) by only legal residents of the country. E) within a county minus the market value of all the final goods and services produced by that country's citizens outside the country.
In a VECM,
A) past values of Yt - ? Xt help to predict future values of ?Yt and/or ?Xt. B) errors are corrected for serial correlation using the Cochrane-Orcutt method. C) current values of Yt - ? Xt help to predict future values of ?Yt and/or ?Xt. D) VAR techniques, such as information criteria, no longer apply.
Suppose that a monopolist must choose between two points on its demand curve: it can sell 100 units for $3 each, or it can sell 140 units for $2 each. Which of the following is true?
a. The monopolist is facing elastic demand. b. The monopolist is facing unit elastic demand. c. The monopolist is facing inelastic demand. d. The monopolist is facing perfectly elastic demand. e. The elasticity of demand cannot be determined with the information given.
Considering the concept of cross-price elasticity, if two goods are complements:
A. the cross-price elasticity is positive. B. a decrease in the price of one will cause a decrease in the demand for the other. C. an increase in the price of one will cause an increase in the demand for the other. D. an increase in the price of one will cause a decrease in the demand for the other.