Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $17.50 what is the firm's profit-maximizing output?
A) 2 tattoos per hour
B) 3 tattoos per hour
C) 4 tattoos per hour
D) 5 tattoos per hour
B
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For each of the following pairs of products, state which are complements, which are substitutes, and which are unrelated
a. House plants and potato chips b. Eyeglasses and contact lenses c. Motorcycles and gasoline d. Smartphones and smartphone apps e. Red wine and white wine
The table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities.Number ofEmployeesTotal DonationsAverage DonationsTotal Labor CostsAverage Labor Costs1$30,000 $8,0002$42,426 $17,000 3 $17,321$27,000 4$60,000 $9,5005 $13,416$50,000 The total labor cost with 4 employees is:
A. $22,000. B. $38,000. C. $43,121. D. $21,500.