Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she charges $7. How many hours will be purchased and what is her total revenue?
A) 5 hours; total revenue = $35 B) 4 hours; total revenue = $28
C) 3 hours; total revenue = $21 D) 2 hours; total revenue = $14
B
Economics
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A coffee shop owner has surveyed all her customers about the frozen mocha drinks they will buy. What kind of table might she use the show the information?
a. individual demand schedule b. market demand schedule c. individual demand curve d. market demand curve
Economics
Using a graph of the classical labor market, illustrate the effects of a real wage existing in the market that is lower than the equilibrium real wage. What will eventually happen in this labor market if it is perfectly competitive?
What will be an ideal response?
Economics