When Maxwell Fruit Drinks increases the number of workers it employs from 20 to 25, its total labor costs rise from $10,000 to $15,000 a week. We know then that
a. Maxwell should never have hired the last five workers
b. Maxwell should continue hiring workers
c. diminishing returns have set in
d. the marginal revenue product curve is decreasing
e. the marginal labor cost is $1,000
E
Economics
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Using the table above, what is the elasticity of demand between the prices of $9 and $7?
A) 1/4 B) 1 C) 2 D) 4 E) 6
Economics
Which is NOT an example of moral hazard
a. people eat less at all-you-can-eat buffets b. loggers clear-cut a tract of land when paying a fixed price rather than when paying per tree felled c. Drivers of heavier, safer cares are more likely to run stop signs d. workers on commission work harder than those paid an hourly wage
Economics