A firm produces 4,000 units of output using 500 workers. Marginal cost is $10, the wage rate is $160, and total fixed cost is $100,000.What is the marginal product of labor?
A. 8 units of output per worker
B. $16 per worker
C. $8 per worker
D. 16 units of output per worker
E. none of the above
Answer: D
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Veruca sells therapeutic bath salts on the Internet. Her annual revenue is $52,000 per year, the explicit costs of her business are $14,000, and the opportunity costs of her business are $17,000 per year. What is her economic profit?
A) $14,000 B) $21,000 C) $31,000 D) $38,000
Identify and explain the three ways we can use microeconomic analysis.
What will be an ideal response?
Refer to the information provided in Figure 4.6 below to answer the question(s) that follow.Equilibrium in this market occurs at the intersection of curves S and D.
Figure 4.6Refer to Figure 4.6. The deadweight loss due to underproduction is area [C + F] if price is
A. P1. B. P2. C. P3. D. > P3.
The ________ is the percentage of a tax base that must be paid in taxes.
A. tax incidence B. proportional tax C. tax rate structure D. tax base