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Author Question: Sam's Scarves has 2 knitting machines and employs 2 people. They produce 15 scarves a day. If the ... (Read 79 times)

corkyiscool3328

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on: Jun 29, 2018
Sam's Scarves has 2 knitting machines and employs 2 people. They produce 15 scarves a day. If the firm hires an additional person, the 3 workers can produce 19 scarves a day other things remaining the same.
 
  The market for scarves is perfectly competitive and the price of a scarf is 20. The value of marginal product of the third worker is ________. A) 80
  B) 300
  C) 380
  D) 4 scarves

Question 2

The figure above shows the market for coffee. If one firm owns all the coffee outlets and sells 10 million pounds of coffee a month, the deadweight loss is
 
  A) zero.
  B) 7.5 million.
  C) 15 million.
  D) 10 million


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Alyson.hiatt@yahoo.com

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

B


corkyiscool3328

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

Missbam101

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Reply 3 on: Yesterday
Wow, this really help

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