Which of the following statements is true of colonies set up in North America?
A) Production was based on defined property rights in the colonies in North America.
B) The institutions set up in colonies in North America were mostly extractive.
C) The institutions in these colonies were similar to other British colonies established in Jamaica and Barbados.
D) Most of the people in these colonies were engaged in industrial production.
A
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Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. What is the marginal product of labor when the 5th worker is hired?
A) 72.5 car washes B) 75 car washes C) 5 car washes D) 3 car washes
Acme is a perfectly competitive firm. It has the cost schedules given in the above table and has a fixed cost of $12.00. The price of Acme's product is $14.20
What is Acme's most profitable amount of output? What is Acme's total economic profit or loss?