Four possibilities have probabilities 0.4, 0.2, 0.2 and 0.2 and values $40, $30, $20, and $10 respectively. The expected value is:

Refer to Table 2-8. What is Betty's opportunity cost of making a statue?

A) 2 benches B) 1.4 statues C) 1/2 of a bench D) 1/3 of a bench

A monopsonist is currently employing 50 workers at $10 an hour. It wants to hire an additional worker, but will have to pay the worker $10.10. The marginal factor cost is

A) ten cents. B) $10.00. C) $10.10. D) $15.10.