A firm is thinking of hiring an additional worker to their organization who they believe can increase total productivity by 100 units a week. The cost of hiring him or her is $1500 per week. If the price of each unit is $12,
a. the MR of hiring the worker is $1500
b. The MC of hiring the worker is $1200
c. The firm should not hire the worker since MB
c
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Refer to the table above. At what rate did the country grow between 2005 and 2006?
A) 15.95% B) 12.45% C) 18% D) 16.33%
The marginal product of capital (MPK) measures ________
A) by how much output increases for each additional unit of capital B) by how much capital increases for each additional unit of output C) by how much capital increases for each additional unit of labor D) by how much total factor productivity increases for each additional unit of capital E) none of the above
The problem of overfishing in waters that are commonly owned can be solved by
A) the use of the Coase Theorem. B) establishing property rights for fishing in the waters. C) subsidizing fishing. D) allowing the market to ration fish.
If a price ceiling of $8 were placed in the market in the graph shown:
A. some surplus is transferred from consumer to producer.
B. some surplus is transferred from producer to consumer.
C. all consumers are made better off.
D. all producers are made better off.
AACSB: Knowledge Application