Reference: Ref 21-4 4 Reference: Ref 14-11 $55 Reference: Ref 18-6 46. Reference
ID: 1120827 • Letter: R
Question
Reference: Ref 21-4
4
Reference: Ref 14-11
$55
Reference: Ref 18-6
46.Reference: Ref 21-4
__(Table: Andrew's Garage) The table gives the production function for Andrew's Garage. If labor is the variable input and number of cars serviced is the output, what is the marginal product of labor when the number of workers rises from 2 to 3? 10 8 6
4
51. Figure: The Market for Used BooksReference: Ref 14-11
__(Figure: The Market for Used Books) Examine the figure The Market for Used Books. The graph shows the market for used economics textbooks. If a quota of 500 books is imposed, what is the demand price? $30 $40 $45
$55
53.Reference: Ref 18-6
__(Table: Marginal Analysis of Sweatshirt Production I) Examine the table Marginal Analysis of Sweatshirt Production I. Given the information in the table, the optimal quantity of sweatshirts to produce is: 2. 3. 4. 5. 55. Assume that diminishing marginal utility applies to both textbooks and concert tickets and that Sun is spending all of his income. If Sun purchases a combination of textbooks and concert tickets such that MUTextbooks/PTextbooks= 100 and MUTickets/PTickets = 80, to maximize utility, Sun should buy: fewer textbooks and fewer tickets. more textbooks and fewer tickets. fewer textbooks and more tickets. more textbooks and more tickets.
Explanation / Answer
Answer 46 :
The marginal product of labour is Total product of 3 units minus total product of 2 units is equal to 30-22 =8 units.
Answer 51 : According to the figure the demand price for the used book is $35 which is not in option . But as per rules the demand price for the 500 books after quota is $35 and supply price is equal to$50
Answer 53 :
The optiumal level of output is 3 units because after that marginal cost exceed marginal benefit.
Answer 55 : As in the rule that MUof textbook/ Price of textbook is greater than MU of tickets/ Price of tickets than the sun should buy more textbook and fewer tickets. As marginal utility of the textbook is more than the marginal utility of tickets in the market during particular time period.
Quantity Total no of cars serviced MPl 0 0 0 1 12 12 2 22 10 3 30 8 4 36 6 5 40 4 6 42 2Related Questions
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