Harold Brown runs a company that sells encyclopedia sets for $250 each. When he employs 10 workers, they can sell 60 sets per week, while only 54 sets are sold when 9 workers are employed. What is the weekly marginal revenue product of the tenth worker?
A. $250.
B. $1,250.
C. $1,500.
D. $15,000.
Answer: C
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Opportunity cost is illustrated in a production possibilities frontier (PPF) by a movement
A) from the region within the PPF to a point on the PPF. B) from the region within the PPF to the region outside of the PPF. C) from the region outside of the PPF to a point on the PPF. D) along the PPF where to gain more of one good it is necessary to give some of another good.
When drawn against the real interest rate, output supply increases if
A) current government expenses increase. B) future government expenses increase. C) current total factor productivity increases. D) the money supply increases.
The largest marital status category of black single parents in 1960 was "married-spouse absent."
Indicate whether the statement is true or false
Which of the following scenarios shows an increasing-cost industry?
a. As the demand for cotton shirts drops, the price of cotton suitable for making this product rises. b. As the demand for computers rises, the price of microchips for making this product drops. c. As the demand for raspberries rises, the price of land suitable for growing this crop rises. d. As the demand for wooden rulers drops, the price of lumber for making this product stays constant.