- 11 1 Point Table 1 Charlie S Math Tutoring Business Number Of Tutors Workers 0 1 2 3 14 0000 What Is The Marginal Prod 1 (14.41 KiB) Viewed 26 times
- 11 1 Point Table 1 Charlie S Math Tutoring Business Number Of Tutors Workers 0 1 2 3 14 0000 What Is The Marginal Prod 2 (17.79 KiB) Viewed 26 times
- 11 1 Point Table 1 Charlie S Math Tutoring Business Number Of Tutors Workers 0 1 2 3 14 0000 What Is The Marginal Prod 3 (17.58 KiB) Viewed 26 times
12 1 point Table 1 Charlie's Math Tutoring Business Number of Tutors (Workers) Number of Student Clients 0 1 2 3 4 0 20 45 0000 60 70 Suppose Charlie pays each of his workers $10 per hour and each of them work 15 hour per week. Should he employ a fourth tutor if it would bring in an extra $200 of revenue? Yes, because his marginal revenue would exceed his marginal cost No, because his marginal cost would exceed his marginal revenue Charlie would be indifferent between hiring a fourth worker because his marginal revenue would be equal to his marginal cost There is not enough information to tell
15 1 point A firm in a perfectly competitive market 16 cannot influence the price of the product it sells can freely enter or exit the market sells a basically identical product as its competitors all of the above are true 1 point Which of the following businesses has a marginal cost that is essentially zero or very low? a subscription streaming service such as Netflix an airline who sells an empty seat on one of it's almost full flights an automotive manufacturer who builds an extra vehicle both a and b would be examples