Author Question: Dave recently began running his father's farm. Last year he took in 15,000 in sales revenue and paid ... (Read 133 times)

Kthamas · **on:** Jun 30, 2018

Dave recently began running his father's farm. Last year he took in 15,000 in sales revenue and paid 10,200 in out-of-pocket costs. He made an economic profit last year:
a. if his implicit costs were 3000.
b. if his implicit costs were 4000.
c. if his implicit costs were 5000.
d. In both cases a. and b.

Question 2

Proponents of comparable worth justifies it on the ground that:
a. interfering with the functioning of the labor market will lead to shortages of labor.
b. interfering with the functioning of the labor market will lead to excess supplies of labor.
c. as a result of personal prejudices the market is unable to assess marginal products.
d. market correctly processes the innumerable information which is available.
e. interaction of demand and supply correctly determines the wage rate.