The marginal product of labor (measured in units of output) for Relient Corp is given by MPN = A(200 - N)
where A measures productivity and N is the number of labor hours used in production. Suppose the price of output is $3 per unit and A = 2.0. What will be the demand for labor if the nominal wage is $30?
A) 170
B) 185
C) 190
D) 195
D
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Refer to the information below. If the firms' managers form a price -fixing cartel that maximizes the firms' total profit, what is the total economic profit made by all firms?
A small nation has three gasoline suppliers with a linear monthly market demand equal to: Q = 500,000 - 5P. Each firm's marginal cost (MC) and average total cost (ATC) curves are horizontal at $10,000 per month. A) 3,375,000,000 B) $10,125,000,000 C) $575,000,000 D) $54,000,000
A linear demand curve has a:
A. slope which is the same as the elasticity. B. constant slope, but changing elasticity. C. changing slope, but constant elasticity. D. constant slope and a constant elasticity, but they need not be equal.
Regarding economic growth and income levels, which of the following is true?
a. Poor countries are unable to ignite the growth process unless they receive financial aid from richer countries. b. Countries that lack an abundance of natural resources have been unable to grow and achieve high income levels. c. Countries with a large population relative to their land area are destined to remain poor. d. Countries that fail to adopt institutions and policies supportive of trade, entrepreneurial discovery, and private investment will remain poor in the foreseeable future.
If the prices of energy products rise sharply, consumers will most likely
a. sharply reduce their consumption of these products in both the short run and the long run. b. reduce their consumption of these products slightly in the short run and more sharply in the long run. c. reduce their consumption of these products sharply in the short run, but in the long run consumption will fall by only a small amount. d. increase their consumption of these products slightly in the short run and more sharply in the long run.