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 101 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
:D TYSM

vickybb89

  • Member
  • Posts: 347
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

Did you know?

Approximately 15–25% of recognized pregnancies end in miscarriage. However, many miscarriages often occur before a woman even knows she is pregnant.

Did you know?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

Did you know?

According to the FDA, adverse drug events harmed or killed approximately 1,200,000 people in the United States in the year 2015.

Did you know?

Many medications that are used to treat infertility are injected subcutaneously. This is easy to do using the anterior abdomen as the site of injection but avoiding the area directly around the belly button.

Structure of the ovary and uterine (fallopian) tube. Figure illustrates stages of ovum development a Structure of the ovary and uterine (fallopian) tube. Figure illustrates stages of ovum development a
Nancy Rubins, Pleasure Point. Nancy Rubins, Pleasure Point.
Demonstrate the Application of Triangular, Figure-Eight, and Tubular Bandages Demonstrate the Application of Triangular, Figure-Eight, and Tubular Bandages
Fibromyalgia tender point sites. Fibromyalgia tender point sites.
Four-point scale for grading edema Four-point scale for grading edema
Lod Score Values for the Families in Figure 5.15 Lod Score Values for the Families in Figure 5.15
Video: Heart Chambers

For a complete list of videos, visit our video library