This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Refer to Figure 2-6. If the economy is currently producing at point E, what is the opportunity cost ... (Read 99 times)

sammy

  • Hero Member
  • *****
  • Posts: 818
on: Jun 29, 2018
Refer to Figure 2-6. If the economy is currently producing at point E, what is the opportunity cost of moving to point D?
 
  A) 10 thousand hammers B) 8 thousand wrenches
  C) 13 thousand hammers D) 0 wrenches

Question 2

Using Figure 10.1 above is it possible to determine the price that this product is selling for if it is being sold in a competitive market? If so what is that price?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

sabina576

  • Sr. Member
  • ****
  • Posts: 356
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

Marginal revenue product is equal to the marginal product times the price. Alternatively that means that price is equal to MRP divided by MP. Since we have both MRP and MP we can discover the price. Taking the first data point we have an MRP of 5 and an MP of 10 . This yields of price of .50 .


sammy

  • Member
  • Posts: 818
Reply 2 on: Jun 29, 2018
Excellent

coreycathey

  • Member
  • Posts: 333
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

As the western states of America were settled, pioneers often had to drink rancid water from ponds and other sources. This often resulted in chronic diarrhea, causing many cases of dehydration and death that could have been avoided if clean water had been available.

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

Did you know?

Women are two-thirds more likely than men to develop irritable bowel syndrome. This may be attributable to hormonal changes related to their menstrual cycles.

Did you know?

The heart is located in the center of the chest, with part of it tipped slightly so that it taps against the left side of the chest.

Did you know?

When taking monoamine oxidase inhibitors, people should avoid a variety of foods, which include alcoholic beverages, bean curd, broad (fava) bean pods, cheese, fish, ginseng, protein extracts, meat, sauerkraut, shrimp paste, soups, and yeast.

Male tule elk in Point Reyes Male tule elk in Point Reyes
Attributed to the Manner of Peleus Painter, Red-figure calyx-krater. Attributed to the Manner of Peleus Painter, Red-figure calyx-krater.
Mobilize each metatarsal–phalangeal joint with figure-8s. Hold the tarsal just below the ... Mobilize each metatarsal–phalangeal joint with figure-8s. Hold the tarsal just below the ...
Does It Cost More to Eat Healthy? Does It Cost More to Eat Healthy?
Cost of Going to School Cost of Going to School
What is the current in Figure 16-1(b) if the diode is made of silicon and the polarity of the ... What is the current in Figure 16-1(b) if the diode is made of silicon and the polarity of the ...
Video: Humerus Adduction Animation

For a complete list of videos, visit our video library