Refer to the table below. If the profit for each unit of paper product is $3.00 and the profit for each unit of lumber is $13.50, what is the marginal benefit for each unit of paper products produced?
Big Oaks can produce either paper products or lumber with each tree that they harvest. Because Big Oaks can adjust the amount of paper products and lumber they produce from the harvested trees, paper products and lumber are produced in variable proportions. The above table summarizes Big Oaks production possibilities from each harvested tree.
A) $16.50
B) $3.00
C) $10.50
D) $13.50
B) $3.00
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In the traditional Keynesian model, an increase in government spending leads to all of the following EXCEPT
A) a higher price level. B) an increase in aggregate demand. C) an increase in consumption. D) higher real GDP.
A phenomenon called Moore's law says:
A. computing capacity has doubled every two years. B. physical capital will double every two years in countries with high rates of growth. C. 70 divided by the growth rate equals how long it will take a country to double its income level. D. 70 divided by the growth rate equals how long it will take a country to double its productive capacity.
In the circular-flow diagram, which of the following is not a factor of production?
a. labor b. land c. capital d. money
When the Fed conducts open market operations, the impact of the buying or selling of bonds will include changes in
A) the money supply. B) interest rates. C) the expected rate of inflation. D) a and c E) a, b and c