If the wage rate were $156, how many workers would be hired?
Answer: 5
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Which of the following does NOT represent a way in which financial intermediaries take advantage of economies of scale?
A) paying lower brokerage fees per dollar invested B) paying lower legal fees per dollar invested C) purchasing sophisticated computer systems D) paying lower taxes per dollar invested
Christy's Haircuts, the sole supplier of haircuts in a small town, faces the demand schedule shown in the table above. What is Christy's marginal revenue from the 25th haircut?
A) zero B) $5.00 C) $17.50 D) $50.00
Explain why price levels are lower in poorer countries
What will be an ideal response?
A firm with market power faces the following estimated demand and average variable cost functions:Qd = 39,000 - 500P + 0.4M - 8,000PRAVC = 30 - 0.005Q + 0.0000005Q2where Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The firm expects income to be $40,000 and PR to be $2. Total fixed cost is $100,000. What is the estimated marginal revenue function for the firm?
A. MR = 78 - 0.004Q B. MR = 48 - 0.002Q C. MR = 48 - 0.004Q D. MR = 78 - 0.002Q