Espresso Yourself Coffee Shop hires workers in a competitive labor market to make coffee. The ingredients required to make each cup of coffee cost 50 cents. The coffee shop's hourly output of coffee varies with the number of workers hired, as shown in the table. Each cup of coffee sells for $2.00.Number ofworkersCoffee(cups/hour)00125245360470575 The dollar value to the coffee shop of hiring the fifth worker is ________ per hour.
A. $7.50
B. $5.00
C. $2.00
D. $1.50
Answer: A
You might also like to view...
A monopolist earns $1,000,000 economic profit in the short run producing 25,000 units of a good. The marginal revenue of the 25,000th unit is $23 and the marginal cost is $30 . What should the monopolist do?
a. raise price and produce less than 25,000 units b. lower price and produce less than 25,000 units c. raise price and produce more than 25,000 units d. lower price and produce more than 25,000 units e. produce more than 25,000 units at the same price
In the graph of the money market, the money supply curve is
a. vertical. It shifts rightward if the Fed buys bonds. b. vertical. It shifts rightward if the Fed sells bonds. c. upward sloping. It shifts rightward if the Fed buys bonds. d. upward sloping. It shifts rightward if the Fed sells bonds.
Figure 3-15
Refer to . Which area represents producer surplus when the price is P1?
a.
BCE
b.
ACF
c.
ABED
d.
DEF
Citizens of the country of Heehaw produce hay and provide entertainment services (banjo playing). In one year they produced $15 million worth of hay, with $11 million consumed domestically and the other $4 million sold to neighboring countries
They provided $7 million worth of banjo-playing services, $5 million in Heehaw, and $2 million in neighboring countries. They purchased $6 million worth of soda pop from neighboring countries. Calculate the magnitudes of GNP, GDP, net factor payments from abroad, net exports, and the current account balance.