Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L=6,Q=147) and (L=7,Q=184). The marginal product of the seventh worker is
a. 25 units of output.
b. 27 units of output.
c. 37 units of output.
d. 184 units of output.
c
Economics
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Since 1994, trade rules have been enforced by
A) the WTO. B) the G10. C) the GATT. D) The U.S. Congress. E) the European Union.
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In a long-run equilibrium, a perfectly competitive firm's average total cost is
A) minimized. B) maximized. C) zero. D) equal to average fixed cost.
Economics
Consider the hypothetical supply and demand of Kidneys.
Suppose Kidneys cannot be sold, only donated (price is zero). How many kidneys are donated in this hypothetical situation?
A. 0
B. 900
C. 2000
D. 1200
Economics
The price elasticity of demand measure is generally stated as an absolute value
a. True b. False Indicate whether the statement is true or false
Economics