Assume that the price of sorghum grain is $6.00 per bushel. When we apply 30 tons of fertilizer on our 20 acres of sorghum grain, the total yield is 1,000 bushels. When we apply 50 tons of fertilizer, the total yield is 1,500 bushels. What is the
marginal value product per ton of fertilizer?
A) $150/ton B) $25/ton C) $75/ton D) None of the above
Answer: A
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Profit is maximized at the output at which marginal revenue exceeds marginal cost by the greatest margin.
Answer the following statement true (T) or false (F)
Answer the following statements true (T) or false (F)
1) In peak-load pricing, the capacity decision is made in the short run. 2) In peak-load pricing, the capacity decision is only based on conditions during the peak period. 3) Off-peak demand influences the capacity decision in peak-load pricing. 4) The capacity decision in peak-load pricing is found by setting the peak marginal revenue equal to the long-run marginal cost. 5) In peak-load pricing, the short-run marginal cost is equal to the marginal cost of providing capacity.
In 2005, which union organization was formed out of the AFL-CIO membership?
A) National Brotherhood of Teamsters B) Service Employees International Union C) American Federation of Workers D) Change to Win
The income and living standards of a nation will increase when
A) the availability of goods and services that people value increases. B) the imports of goods and services fall. C) jobs are protected and total employment expands. D) the prices of goods and services increase.