Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she decides to charge each customer according to his or her willingness to pay
What is Julie's total revenue and how many hours of service will be purchased?
A) 1 hour and her total revenue = $7 B) 4 hours and her total revenue = $39
C) 4 hours and her total revenue = $28 D) 5 hours and her total revenue = $35
B
Economics
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In the Cobb-Douglas production function, Y = KaL1-a, the fraction of income spent as payments to labour is:
A. a. B. 1 - a. C. dependent on the amount of labour employed. D. dependent on the amount of capital employed.
Economics
What economic events and policies led to the emergence of the U.S. economy from the stagflation of the late 1970 and early 1980? Depict the effect of these events using the extended AD–AS model.
What will be an ideal response?
Economics