The table above shows some data that describe Tom's T-Shirts' total product when Tom has 1 sewing machine
An increase in the number of workers from 1 to 2 a day increases average product of labor from ________ T shirts per worker and marginal product of labor is ________ T shirts per worker. A) 10 to 11; 22
B) 10 to 22; 12
C) 10 to 22; 22
D) 10 to 11; 12
D
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If the wage rate is $10 per hour and the rental rate is $5 per hour, then the vertical intercept of the isocost line
a. is $2. b. is 50 cents. c. is $5. d. can not be determined without more information.
The total amount spent on new capital goods is called
A) financial capital. B) depreciation. C) net investment. D) wealth. E) gross investment.
The price of a new portable CD player falls from $100 to $90 . The quantity of CD players demanded rises from 15,000 per year to 20,000 per year. Use the midpoint formula to calculate the price elasticity of demand for portable CD players
Is the demand elastic, inelastic, or unit elastic?
Explain the Heckscher-Ohlin theorem
What will be an ideal response?