Joe runs a business and needs to decide how many hours to stay open. Figure 2.2 illustrates his marginal benefit of staying open for each additional hour. Suppose that Joe's marginal cost of staying open per hour is $32. How many hours should Joe stay open?
A. 4 hours
B. 5 hours
C. 6 hours
D. 7 hours
Answer: B
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Suppose the growth rate of GDP in the United States is 4.2 percent. If 1.1 percent and 1.4 percent of GDP growth are due, respectively, to capital and labor growth, the amount resulting from technological progress is
A) 0.3 percent. B) 1.1 percent. C) 1.4 percent. D) 1.7 percent.
The above table gives data for the nation of Sueland. What is the value of net exports?
A) $43 billion B) $234 billion C) -$43 billion D) $511 billion
Describe some of the gains from lowering trade barriers that may be difficult to measure
What will be an ideal response?
Which of the following will discourage investment?
A) high and variable rates of inflation B) well-defined property rights C) a low and steady rate of inflation D) low tax rates