In the table below are statistics showing the labor force and total employment in month 1 and month 2 of the same year. Make the computations necessary to complete the table. (Number of persons is in thousands.)
Economics
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A country operates inside its production possibilities curve; this may be caused by
A) unemployed resources. B) total efficiency in industry. C) a new resource being discovered. D) a lack of modern products being produced.
Economics
When 5 units of labor are employed, total product is 9 units; when 6 units of labor are employed, total product is 11 units of output. If the price of output is $5 per unit, what is the marginal revenue product of the 6th unit of labor?
A) $10 B) $5 C) $15 D) $55
Economics