11 1 point Table 1 Charlie's Math Tutoring Business Number of Tutors (Workers) Number of Student...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
11 1 point Table 1 Charlie's Math Tutoring Business Number of Tutors (Workers) Number of Student Clients 0 123 14 What is the marginal product of the second worker in Charlie's business? 0000 15 students - 20 students 25 students 0 20 45 60 70 45 students 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 0000 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 11 1 point Table 1 Charlie's Math Tutoring Business Number of Tutors (Workers) Number of Student Clients 0 123 14 What is the marginal product of the second worker in Charlie's business? 0000 15 students - 20 students 25 students 0 20 45 60 70 45 students 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 0000 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
Expert Answer:
Answer rating: 100% (QA)
11 The marginal product of the second worker in Charlies business is 25 students Heres how we can calculate this Total product Number of student clien... View the full answer
Related Book For
Investment Analysis and Portfolio Management
ISBN: 978-0538482387
10th Edition
Authors: Frank K. Reilly, Keith C. Brown
Posted Date:
Students also viewed these accounting questions
-
If the marginal product of the second worker hired by a firm is 10 units and the price of a unit of output is $7 regardless of the quantity of output sold, then the marginal revenue product of the...
-
The following table shows the marginal product of capital and labour for each of several methods of producing 1000 kilograms of flour per day. a. As we move from A to G, ate the production methods...
-
The following graph shows the marginal product of capital and the user cost of capital. Assume that the economy is currently at point A, with the capital stock equal to K*1. a. Increases in the money...
-
S1 Ltd and S2 Ltd belong to the same capital gains group. In May 2014, S1 Ltd transferred a chargeable asset to S2 Ltd. This asset had originally cost 10,000 and its market value in May 2014 was...
-
A consumer-protection magazine was interested in comparing tires purchased from two different companies that each claimed their tires would last 40,000 miles. A random sample of 10 tires of each...
-
The length of stay at a specific emergency department in Phoenix, Arizona, in 2009 had a mean of 4.6 hours with a standard deviation of 2.9. Assume that the length of stay is normally distributed....
-
Krupp Refrigeration, Inc., is trying to reduce inventory and wants you to install a kanban system for compressors on one of its assembly lines. Determine the size of the kanban and the number of...
-
Given the following production plan, use a (a) Chase production strategy (b) Level production strategy to compute the monthly production, ending inventory / (backlog) and workforce levels. A worker...
-
You are looking at an investment opportunity that requires an initial investment of $7 million and pays $1.2 million the first year with cash flows increasing 3% per year after that. What is your...
-
P Company holds an 80% interest in SFr Company, a Swiss company. A trial balance for P Company and SFr Company at December 31, 2020, and other data are given in Problems 13-3 and 13-4. Ignore...
-
Suppose that a 15-year mortgage loan for $200,000 is obtained. The mortgage is a level-payment, fixed-rate, fully amortized mortgage. The mortgage rate is 7.0% and the monthly mortgage payment is...
-
Which of the following rotors are used in a two phase AC servo motor? 1. Solid iron 2. Squirrel cage 3. Drag cup. Select the correct answer using the codes given below: Codes: (a) 1, 2 and 3 (b) 1...
-
Sketch the root loci for the system shown in Fig. P5.4 (a) and show that system is stable for all \(\mathrm{K}>0\). R(s) K (s + 0.4) s(s+3.6) (a) Y(s) -3.6 -4 K = 0 60 -2 Fig. P5.4: (a) System (b)...
-
Compare the control account of Table 7.8 with the finished goods account of Table 7.3 to satisfy yourself that they are the same. Then satisfy yourself that the separate job accounts in Table 7.8 add...
-
Compare the control account of Table 7.6 with the production overhead account of Table 7.3 to satisfy yourself that they are the same. Then satisfy yourself that the separate wages accounts in Table...
-
The straight line approximated torque-speed curve of AC servo motor for rated control voltage \(115 \mathrm{~V}, 50 \mathrm{~Hz}\) is shown in Fig. P9.4. The moment of inertia of motor is \(10^{-5}...
-
How do advanced models of change management, such as Lewin's three-stage model, Kotter's eight-step process, and the ADKAR framework, provide comprehensive frameworks for understanding the...
-
Beginning with a country that has a trade deficit, demonstrate graphically what will happen to a countrys potential output with globalization if that countrys costs of production fall. Explain your...
-
Why is the analysis of growth potential important to the common stockholder? Why is it important to the debt investor?
-
Why is it not feasible to use the dividend discount model in the valuation of true growth companies?
-
Discuss the logic behind the breadth of market index. How is it used to identify a peak in stock prices?
-
The cable has a mass of \(0.5 \mathrm{~kg} / \mathrm{m}\) and is \(25 \mathrm{~m}\) long. Determine the vertical and horizontal components of force it exerts on the top of the tower. B 30 15 m
-
The beams \(A B\) and \(B C\) are supported by the cable that has a parabolic shape. Draw the shear and moment diagrams for members \(A B\) and \(B C\). The hanger at \(B\) is attached to member \(A...
-
A cable has a weight of \(3 \mathrm{lb} / \mathrm{ft}\) and is supported at points that are \(500 \mathrm{ft}\) apart and at the same elevation. If it has a length of \(600 \mathrm{ft}\), determine...
Study smarter with the SolutionInn App