Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. What is the marginal product of labor when the 5th worker is hired?
A) 72.5 car washes
B) 75 car washes
C) 5 car washes
D) 3 car washes
C
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A firm's profit can be calculated by subtracting its total revenue from its total costs
a. True b. False Indicate whether the statement is true or false
Which of the following is used to test whether a time series follows a unit root process?
A. Wald test B. White test C. Augmented Dickey-Fuller test D. Johansen test
Refer to the above figure. At a price of four cents, the quantity of bubble gum supplied will be
A. 2. B. 3. C. 4. D. 5.
A consumer optimum is characterized by
A) the marginal rate of substitution of one good divided by its price equal to the marginal rate of substitution of the other good divided by its price. B) the marginal rate of substitution equal to unity. C) the marginal rate of substitution equal to the ratio of the prices of the two goods. D) the marginal rate of substitution divided by the price ratio of the two goods equal to the income of the consumer.