Earth Movers & Shakers operates 3 iron ore mines. The accompanying table 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 Tons Per DayNumber of MinersMother Lode10025Scraping Bottom3010Middle Drift7515 The opportunity cost of moving one miner from Middle Drift to another mine is:
A. 5 tons per day.
B. 1 ton per day.
C. 4 tons per day.
D. 3 tons per day.
Answer: A
You might also like to view...
If Ann's utility function is U = 3W0.5, and she invests in a business which can yield $6,400 with probability 1/5, and $3600 with probability 4/5, then her Arrow-Pratt measure of risk aversion is
A) 0.5/w. B) 1/w. C) 1.5w. D) 3/w.
In reference to worldwide competition laws, each of the following are fundamentally prohibited or highly suspicious among regulators across almost all countries except which one?
A) creation of cartels B) charging unfairly high prices C) dominant firms D) monopolies
Health care reform will lead to a(n) ____ in the number of new, young health care recipients which will cause the ____ of moral hazard problems associated with health insurance
a. increase; elimination b. increase; worsening c. decrease; elimination d. decrease; worsening
Deficiency payments are part of a federal program to assist
a. farmers. b. senior citizens. c. consumers. d. college students.