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Author Question: The opportunity cost of producing a bicycle refers to a. the out-of-pocket payments made to produce ... (Read 53 times)

tfester

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on: Jul 1, 2018
The opportunity cost of producing a bicycle refers to
 a. the out-of-pocket payments made to produce the bicycle.
  b. the value of the goods that were given up to produce the bicycle.
  c. the bicycle's retail price.
  d. the marginal cost of the last bicycle produced.

Question 2

Suppose MPL = 40 and MPK = 20 and the rental rate on capital is 10 . If the level of production is currently efficient, the wage rate must be
 a. 10
  b. 5
  c. 20
  d. 40


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jesse.fleming

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Reply #1 on: Jul 1, 2018
Answer to Question 1

b

Answer to Question 2

c


tfester

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

Dinolord

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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