At the Pampered Pet Salon the marginal products of the first, second, and third workers are 20, 16, and 10 dogs washed, respectively. The total product (number of dogs washed) of the three worker is
A. 15.33.
B. 30.
C. 46.
D. 138.
Answer: C
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The deadweight loss associated with a policy change is measured as
a. the maximum value of consumer surplus b. the sum of consumer surplus and producer surplus associated with the new policy c. the excess of producer surplus over consumer surplus d. the sum of ? consumer surplus plus ? producer surplus associated with the new policy
Jimmy's utility of wealth schedule is given in the table above. Jimmy has a job with a one-third chance of earning $200 and a two-thirds chance of earnings $400. Jimmy's cost of risk is
A) $0. B) $16.67. C) $33.33. D) Jimmy's cost of risk cannot be determined without more information.
Refer to Figure 2-4. Consider the following movements:
a. from point V to point W b. from point W to point Y c. from point Y to point Z Which of the movements listed above represents advancements in technology with respect to only plastic production? A) a, b, and c B) b and c only C) b only D) c only
Which of the following is not correct regarding dumping?
a. In the country where products are dumped, consumer surplus grows as a result of the dumping. b. Dumping involves the selling of a product by foreign producers at a price lower than that in their own countries. c. Critics of dumping recommend applying a tariff as the correct antidumping measure. d. A major difficulty with dumping by firms in other countries is that it drives up prices to the domestic consumer. e. Predatory dumping is often aimed at driving domestic producers out of business.