Refer to Figure 11-15. Suppose Hilda produces 100 gooseberry pies. What is the marginal rate of technical substitution of labor for capital when labor is increased from 10 to 20 hours?
A) 1 unit of capital B) 10 units of capital C) 14 units of capital D) 24 units of capital
A
Economics
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Refer to the figure above. What is the producer surplus when Lithasia opens to free trade?
A) $2 B) $5 C) $20 D) $21
Economics
Refer to Table 11-2. What is the marginal product of the 4th worker?
A) 230 bushels B) 57.4 bushels C) 50 bushels D) 12.4 bushels
Economics
The term "economic freedom" means
A) the right to own private property. B) the right to trade goods and services. C) the right to own financial assets. D) all the above.
Economics
The maximum quantity of good Y that is affordable is:
A. M/PX. B. M/Y. C. M/X. D. M/PY.
Economics