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

Author Question: Suppose a seller's opportunity cost matches a buyer's valuation of the product. Assuming a ... (Read 35 times)

Metfan725

  • Hero Member
  • *****
  • Posts: 552
on: Jun 30, 2018
Suppose a seller's opportunity cost matches a buyer's valuation of the product. Assuming a two-person economy, which of the following statements will be true?
 a. The transaction will benefit the buyer, while the seller will neither gain nor lose from it.
  b. The economic value created by this exchange will be zero.
  c. Both parties will be worse-off after the transaction.
  d. The seller will be worse-off than the buyer after the transaction.

Question 2

Assume that one laborer produces 6 units of output, two laborers produce 14 units, three produce 20 units, and four produce 24 units. If the cost is 20 per unit of labor and fixed costs are 100, what is the average total cost of producing 14 units of output?
 a. 50
  b. 20
  c. 10
  d. 100
  e. 40


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Anonymous

  • Sr. Member
  • ****
  • Posts: 317
Reply #1 on: Jun 30, 2018
Answer to Question 1

B

Answer to Question 2

c


Metfan725

  • Member
  • Posts: 552
Reply 2 on: Jun 30, 2018
YES! Correct, THANKS for helping me on my review

momolu

  • Member
  • Posts: 320
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

The Food and Drug Administration has approved Risperdal, an adult antipsychotic drug, for the symptomatic treatment of irritability in children and adolescents with autism. The approval is the first for the use of a drug to treat behaviors associated with autism in children. These behaviors are included under the general heading of irritability and include aggression, deliberate self-injury, and temper tantrums.

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

Did you know?

Methicillin-resistant Staphylococcus aureus or MRSA was discovered in 1961 in the United Kingdom. It if often referred to as a superbug. MRSA infections cause more deaths in the United States every year than AIDS.

Methicilli ...
Did you know?

Today, nearly 8 out of 10 pregnant women living with HIV (about 1.1 million), receive antiretrovirals.

Did you know?

The Centers for Disease Control and Prevention (CDC) was originally known as the Communicable Disease Center, which was formed to fight malaria. It was originally headquartered in Atlanta, Georgia, since the Southern states faced the worst threat from malaria.

For millions of people, the United States represents a land of opportunity and freedom from ... For millions of people, the United States represents a land of opportunity and freedom from ...
First-Pass Effect: Oral Drug Is Metabolized to an Inactive Form Before It Has an Opportunity to ... First-Pass Effect: Oral Drug Is Metabolized to an Inactive Form Before It Has an Opportunity to ...
Typical Startup Cost Categories Typical Startup Cost Categories
Infant formula is available in several forms and varies in cost and ingredients Infant formula is available in several forms and varies in cost and ingredients
Geese continued to follow a human around assuming their actual mothers Geese continued to follow a human around assuming their actual mothers
Find the derivative using the product rule Find the derivative using the product rule
Video: Immune responses Animation

For a complete list of videos, visit our video library