Pham can work as many or as few hours as she wants at the college bookstore for $9 per hour. But due to her hectic schedule, she has just 19 hours per week that she can spend working at either the bookstore or at other potential jobs. One potential job, at a café, will pay her $12 per hour for up to 7 hours per week. She has another job offer at a garage that will pay her $10 an hour for up to 5 hours per week. And she has a potential job at a daycare center that will pay her $8.50 per hour for as many hours as she can work. If her goal is to maximize the amount of money she can make each week, how many hours will she work at the bookstore?
a. 4 hours
b. 7 hours
c. 12 hours
d. 16 hours
b. 7 hours
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Suppose that in the United States and the United Kingdom the real rate of interest is 1 percent and constant. In this case, the nominal interest rates in both countries
A) are equal. B) differ solely by the expected future spot rate differential. C) differ solely by the expected inflation differential. D) differ solely by the forward rate differential.
______________ is another term for perfect elasticity.
a. Zero elasticity b. Infinite elasticity c. Constant unitary elasticity d. Zero inelasticity
The minimum point on the marginal cost curve corresponds to the:
A. maximum point on the total cost curve. B. minimum point on the total cost curve. C. inflection point on the total variable cost curve. D. midpoint of the total cost curve.
The “law” of diminishing returns
A. is deduced from the basic biochemical relationship of agricultural theory. B. was constructed as the basis of observation during experiments on the impact of fertilizer on output in the 1930s. C. is based on regular observations of input-output relationships over the last two centuries. D. is borrowed from physical laws related to conversion of matter and energy.