If 10 workers can produce 1,500 units of output and 11 workers can produce 1,600 units of output, then the average product of 11 workers is
A) 1,600 units.
B) 1,500 units.
C) 145.5 units.
D) 100 units.
E) 136.4 units.
C
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Use the data in the table below to answer the following question.PriceQuantity Demanded$201218171620142412301036840644448The price elasticity of demand (based on the midpoint formula) when price decreases from $12 to $10 is
A. inelastic. B. unit elastic. C. elastic. D. perfectly elastic.
Borrowers and lenders make transactions based on the
A) expected real interest rate less the expected rate of inflation. B) real interest rate. C) expected real interest rate. D) expected nominal interest rate.
Comovement is
A) the tendency for declines in economic activity to be followed by further declines, and for growth in economic activity to be followed by more growth. B) the idea that the standard pattern of contraction—trough—expansion—peak occurs again and again in industrial economies. C) the tendency of many economic variables to move together in a predictable way over the business cycle. D) the idea that peaks and troughs of the business cycle occur at regular intervals.
An unexpected fall in New Home Sales should send bond prices __________ and stock prices __________
A) up; up B) up; down C) down; up D) down; down