Labor is available at a wage of $10 . The last worker hired by Cal's Corn Farm added 20 ears of corn, which Cal has priced at four ears for $1 . What advice would you give Cal?
Don't hire that last worker. Marginal revenue product, which is MPP × P, is only $5, which is less than the input's $10 price.
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Other things being equal, the effects of an increase in the price of computers would best be represented by which of the following?
A. A movement up along the demand curve for computers. B. A movement down along the demand curve for computers. C. A leftward shift in the demand curve for computers. D. A rightward shift in the demand curve for computers.
Refer to the data provided in Table 17.1 below to answer the following question(s). The table shows the relationship between income and utility for Jane.Table 17.1 IncomeTotal Utility $00$20,00025$40,00045$60,00060$80,00070Refer to Table 17.1. Suppose Jane has a 1/3 chance of becoming disabled in any given year. If she does become disabled, she will earn $0. If Jane does not become disabled, she will earn her usual salary of $60,000. Jane has the opportunity to purchase disability insurance for $20,000 which will pay her her full salary in the event she becomes disabled. Jane's utility per year with the policy is ________ and her expected utility without the policy is ________.
A. 60; 40 B. 45; 45 C. 20; 45 D. 45; 40
Refer to Scenario 12.2. This scenario describes a volunteer's dilemma
Explain what would likely happen if the pool of potential kidney donors increased from 2 friends (Jerome and Eliza) to 4 friends in terms of the likelihood of any one person volunteering to donate a kidney and in terms of the likelihood that no one at all would donate a kidney.
Which one of the following individuals is NOT counted as unemployed?
A) a recent college graduate currently without any employment and looking for her first full-time job B) a 35-year-old woman fired from her prior work because of poor performance and looking for another job C) a 50-year-old woman laid off from her former job because of a downturn in the company's sales and looking for another job D) a 22-year-old aspiring actress currently without any show business employment, but working temporarily as a waitress while she auditions for acting jobs