The maximum number of workers hired is
A. 4.
B. 5.
C. 6.
D. 7.
D. 7.
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If price is set equal to marginal cost when marginal cost is below ATC, the firm will receive a profit greater than profit earned when marginal cost is above ATC
Indicate whether the statement is true or false
A factor of production is the same as:
A. the amount of a good produced. B. the price of a good. C. an opportunity cost. D. a resource.
Supply-side economics is based on the theory that:
A. budget deficits will stimulate demand, output, and employment. B. budget deficits will lead to higher interest rates, which will weaken their expansionary impact. C. higher tax rates will increase tax revenues. D. increases in aggregate supply lower the price level.
Refer to Scenario 9.4 below to answer the question(s) that follow. SCENARIO 9.4: Sponsors invest $100,000 in a new deli on the promise that they will earn a return of 10% per year on their investment. The deli sells 52,000 sandwiches per year. The deli's fixed costs include the return to investors and $42,000 in other fixed costs. Variable costs consist of wages ($1,000 per week) plus materials, electricity, etc. ($2,000 per week). The deli is open 52 weeks per year.Refer to Scenario 9.4. Suppose the average price per sandwich is $5.50. What is the annual profit of the deli?
A. -$22,000 B. $78,000 C. $130,000 D. $244,000