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

Author Question: Suppose the marginal product of the second worker hired by a firm is 3, and the price of the last ... (Read 76 times)

scienceeasy

  • Hero Member
  • *****
  • Posts: 565
on: Jun 30, 2018
Suppose the marginal product of the second worker hired by a firm is 3, and the price of the last unit produced is 7 . Which of the following is true of the marginal revenue product of the second worker?
 a. It must equal 21.
  b. It must be less than or equal to 21.
  c. It must be greater than or equal to 21.
  d. It equals 21 only if the firm is a price searcher (e.g., monopoly).
  e. We can conclude nothing about marginal revenue product.

Question 2

A government passes a new law allowing only 1,000 tons of pollution per day to be generated and simultaneously sells 1,000 transferable rights to emit one ton each of pollution per day. Which of the following is true?
 a. The pollution will be created by those least willing and able to pay the damages.
  b. The pollution will be created by those most willing and able to pay for the right to pollute.
  c. The funds collected by the government will be enough to compensate any individuals harmed by the pollution.
  d. Pollution will increase from zero to 1,000 units per day.
  e. There will be no incentive for polluters to try to sneak emissions past government monitoring devices.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

katieost

  • Sr. Member
  • ****
  • Posts: 358
Reply #1 on: Jun 30, 2018
Answer to Question 1

B

Answer to Question 2

B


scienceeasy

  • Hero Member
  • *****
  • Posts: 565
Reply #2 on: Jun 30, 2018
Thank you


katieost

  • Sr. Member
  • ****
  • Posts: 358
Reply #3 on: Jun 30, 2018
No problemo


« previous next »
 

Did you know?

Vaccines cause herd immunity. If the majority of people in a community have been vaccinated against a disease, an unvaccinated person is less likely to get the disease since others are less likely to become sick from it and spread the disease.

Did you know?

Many people have small pouches in their colons that bulge outward through weak spots. Each pouch is called a diverticulum. About 10% of Americans older than age 40 years have diverticulosis, which, when the pouches become infected or inflamed, is called diverticulitis. The main cause of diverticular disease is a low-fiber diet.

Did you know?

Vampire bats have a natural anticoagulant in their saliva that permits continuous bleeding after they painlessly open a wound with their incisors. This capillary blood does not cause any significant blood loss to their victims.

Did you know?

Prostaglandins were first isolated from human semen in Sweden in the 1930s. They were so named because the researcher thought that they came from the prostate gland. In fact, prostaglandins exist and are synthesized in almost every cell of the body.

Did you know?

Women are two-thirds more likely than men to develop irritable bowel syndrome. This may be attributable to hormonal changes related to their menstrual cycles.

A close relationship between greenhouse gas emissions and a country’s gross domestic product A close relationship between greenhouse gas emissions and a country’s gross domestic product
Overallocation of Labor to Farming When Farmworkers Are Paid Their Average Product Overallocation of Labor to Farming When Farmworkers Are Paid Their Average Product
Use the product rule to find derivative Use the product rule to find derivative
The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ... The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ...
Excel hardware is introducing a new product on a new product line of capacity 800 units per ... Excel hardware is introducing a new product on a new product line of capacity 800 units per ...
Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price. Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.
Video: Pressure Flow Model Animation

For a complete list of videos, visit our video library