Earth Movers & Shakers operates 3 iron ore mines. The table below shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total TonsPer DayNumber ofMinersMother Lode10025Scraping Bottom3010Middle Drift7515Suppose Earth Movers & Shakers needs to fill an order for 100 tons of ore in a single day. If it has no other orders to fill that day, and it's not possible to transfer miners from one mine to another, it should:
A. take it all from Mother Lode.
B. take 30 tons from Scraping Bottom and 70 tons from Mother Lode.
C. take 75 tons from Middle Drift and 25 tons from Scraping Bottom.
D. take 75 tons from Middle Drift and 25 tons from Mother Lode.
Answer: D
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At the 1976 IMF conference in Jamaica,
A) the United States reaffirmed its commitment to buy and sell gold at a fixed price. B) currencies were formally allowed to float. C) the major countries of the world agreed to continue a system of fixed exchange rates. D) the gold standard was reestablished.
Considering only its direct effect on income, an expansionary monetary policy tends to:
A. increase a trade deficit and decrease the exchange rate. B. decrease a trade deficit and decrease the exchange rate. C. increase a trade deficit and increase the exchange rate. D. decrease a trade deficit and increase the exchange rate.
When a firm retains earnings for investment purposes, it is effectively saving on behalf of its shareholders.
Answer the following statement true (T) or false (F)
The large increase in the elasticity of supply in crude oil during 2014-2015 created ________ price volatility.
A. slightly greater B. zero C. lesser D. enormously greater