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 108 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
Wow, this really help

tuate

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

Pubic lice (crabs) are usually spread through sexual contact. You cannot catch them by using a public toilet.

Did you know?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

Did you know?

Nitroglycerin is used to alleviate various heart-related conditions, and it is also the chief component of dynamite (but mixed in a solid clay base to stabilize it).

Did you know?

Each year in the United States, there are approximately six million pregnancies. This means that at any one time, about 4% of women in the United States are pregnant.

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.

As a result of sharing its environment with humans, this macaque had the opportunity to steal an ast As a result of sharing its environment with humans, this macaque had the opportunity to steal an ast
The direct product of phosphate hydrolysis from PEP is the enol form of pyruvate The direct product of phosphate hydrolysis from PEP is the enol form of pyruvate
Importance of Considering Gestalt Principles in Product Design (1 of 2) Importance of Considering Gestalt Principles in Product Design (1 of 2)
Importance of Considering Gestalt Principles in Product Design Importance of Considering Gestalt Principles in Product Design
Find the derivative using the product rule Find the derivative using the product rule
VALUATION CONCEPT & METHODOLOGIES VALUATION CONCEPT & METHODOLOGIES
Video: Oogenesis Animation

For a complete list of videos, visit our video library