A firm faces the labor productivity and cost schedule in the table above. What is the marginal resource cost of the seventh worker?
A. $11
B. $13
C. $15
D. $17
B. $13
You might also like to view...
If a farmer’s opportunity cost of producing 10,000 bushels of wheat is 5,000 fewer bushels of soybeans, then his or her opportunity cost of producing 5,000 bushels of soybeans must be 10,000 fewer bushels of wheat.
Answer the following statement true (T) or false (F)
A tax that takes the same percentage of tax from all taxpayers is called a:
A. proportional tax. B. progressive tax. C. regressive tax. D. lump-sum tax.
The basic difference between the short run and the long run is that:
A. economies of scale may be present in the short run but not in the long run. B. the law of diminishing returns applies in the long run but not in the short run. C. all costs are fixed in the short run, but all costs are variable in the long run. D. at least one resource is fixed in the short run, while all resources are variable in the long run.
Which of the following is the most powerful argument for putting restraints on policy makers (as opposed to self-restraint by policy makers themselves)?
A) time inconsistency B) uncertainty about Okun's coefficient C) uncertainty about the natural rate of unemployment D) uncertainty about the timing of policy impacts E) disagreements about the proper structure of an econometric model