Refer to the information provided in Table 31.2 below to answer the question(s) that follow.Table 31.2PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 50 60 2153 50 70 2254 50 80 230Refer to Table 31.2. During Period 4, output per capital is equal to
A. 0.35.
B. 1.77.
C. 2.88.
D. 4.6.
Answer: C
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Buyers and sellers of a particular good make up the:
A. demand for the good. B. production possibilities curve for the good. C. market for the good. D. supply for the good.
Figure 7-15
For a firm at equilibrium, at point A in Figure 7-15,
A. the price of labor is high relative to the price of machines. B. the MPP of labor is greater than the MPP of machines. C. the MPP of labor is less than at point B. D. output is higher than at point B.
Popeye receives a marginal utility of 12 utils for the last can of spinach consumed. If the price of a can of spinach is 50 cents per can, then the marginal utility per dollar spent on the last can of spinach is equal to: a. 6 utils per dollar
b. 12 utils per dollar. c. 18 utils per dollar. d. 24 utils per dollar.
Without money, the process of acquiring goods and services would be much more efficient.
Answer the following statement true (T) or false (F)