Answer the next question based on the following information for Manfred's Shoe Shine Parlor.Units of LaborTotal ProductMarginal ProductTotal Revenue00 11414$422 10 330 90435 539 1176 1267442132Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. How many units of output are produced when 2 workers are employed?
A. 10.
B. 16.
C. 24.
D. 4.
Answer: C
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Harry and Gus fish the same lake together from the same boat
Each morning Harry typically catches either 20 bluegills or 5 walleyes (depending on how deep he fishes) while Gus typically catches either 20 bluegills or 2 walleyes (depending on how deep he fishes). Other things constant, if they wish to maximize the total number of fish they catch together tomorrow morning, regardless of species, A) Harry should fish and Gus should row. B) Harry should fish only for bluegills and Gus should fish only for walleyes. C) Gus should fish only for bluegills and Harry should fish only for walleyes. D) both Harry and Gus should fish for bluegills.
Wealth is considered to be a nonincome determinant of consumption
a. True b. False Indicate whether the statement is true or false
The government's spending on agriculture is essentially a transfer payments program that takes money from the general population in the form of taxes and gives it to the farm population in the form of subsidies
Indicate whether the statement is true or false
Which of the following statements is correct?
A. Price elasticity of supply is constant along the supply curve. B. Price elasticity of supply is always a negative number. C. Supply is more elastic in the short run than in long run. D. Supply is more elastic in the long run than in short run.