When Sam's Scarves uses 2 knitting machines and employs 3 people, total revenue is $330 a day. When Sam's Scarves uses 2 knitting machines and employs 4 people, total revenue is $360 a day
The value of marginal product of the third worker is ________. A) $110
B) $30
C) $360
D) $90
B
You might also like to view...
How do banks manage credit risk?
What will be an ideal response?
In a command economy
a. a dictator makes every economic decision b. owners can sell their resources to the highest bidder c. no individual or group coordinates the economy d. in theory, individual choices are reflected in collective decisions, and decisions are made by central planners e. public ownership of resources is combined with free markets to direct economic activity
Equilibrium for public goods is characterized by
A. MSB = MSB. B. SMRS = MRT. C. MRS 1 = MRS 2 = MRS 3 = … = MRS n = MRT. D. MC = MB. E. MRS - MRT = MSB.
A movement along the production possibilities curve would be a result of:
A) unemployment. B) inflation. C) changes in prices. D) changes in the combinations of the two goods produced.