Gino's Pizza shop hires workers in a competitive market to make pizza. The ingredients required to make each pizza cost $5. Daily output at Gino's Pizza varies with the number of workers hired, as shown in the table: Number of workersPizzas/day00116236354470584696 If pizzas sell for $8 each, what is the value marginal product for the 4th worker?
A. $96 per day
B. $128 per day
C. $48 per day
D. $112 per day
Answer: C
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In the above figure, at the firm's profit maximizing output, total revenue is rectangle
A) 0P1AQ1. B) 0P3FQ3. C) 0P5EQ5. D) 0P2BQ1.
The implementation lag for monetary policy is _____ for monetary policy than fiscal policy; the lag before the full effects of monetary policy on inflation are felt is ____ than for its effects on real output and unemployment:
a. Longer, longer b. Longer; shorter c. Shorter; longer. d. Shorter; shorter
Unlike a perfectly competitive firm, a monopolistically competitive firm
A. faces a perfectly inelastic demand curve. B. can earn positive economic profit in the short run and in the long run. C. cannot earn positive economic profit even in the short run. D. has a negatively sloped demand curve.
The velocity of money is the:
A. relationship between the money supply and the price level. B. number of times per year the average dollar is spent on final goods and services. C. relationship between asset and transactions demands for money. D. price level divided by aggregate supply.