Which of the following examples shows marginal revenue product?
a. The newest staff member, Genevieve, started with a salary of $1,000 per week.
b. Stan had sales of $1,000 per week and was paid $700, leaving profit of $300.
c. When JP joined the team, the mechanics were able to service six more cars per day.
d. A recent hire, Ganesh, added $1,600 per week to the accounting firm’s hourly billing.
d. A recent hire, Ganesh, added $1,600 per week to the accounting firm’s hourly billing.
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What benefits did an overvalued currency offer a domestic economy in the ISI period? Which sectors were typically harmed by overvalued currencies?
What will be an ideal response?
The demand for xenite ore is fixed over time and is given as:
q = 40 - P where q is the number to tons of ore produced and P is the price per ton of xenite ore. The marginal extraction cost is $15 per ton and is also constant over time. The total quantity of the resource currently known to exist is 53.29 tons. The interest rate is 10 percent. Using the Hotelling rule for an exhaustible resource, complete the following table. Time Period Price Marginal Cost q Cumulative Production Today 15 1 Year 15 2 Years 15 3 Years 15 4 Years 15 5 Years 15 6 Years 15 7 Years 40.00 15 0 53.29
When a price floor is imposed above the equilibrium price of a commodity,
a. quantity demanded will be greater than quantity supplied for the good. b. the quantity demanded by consumers will be greater than at the equilibrium price. c. a shortage of the good will develop. d. a surplus of the good will develop.
All of the following are true about a monopolist EXCEPT
A) the demand curve for its product is perfectly elastic. B) it produces a product with no close substitutes. C) its demand curve is the same as the market demand for the industry. D) it is a single seller of a good or service.