If a monopoly pays its workers $10 per hour, the marginal product of labor is 5

Question

If a monopoly pays its workers $10 per hour, the marginal product of labor is 5 units per hour, and the price of the firm's product is $15 per unit, what is the price elasticity of demand facing the firm? -1.15 -1.0 -3.56 -2.15 In 2009, China was the biggest export market for several countries. Among these countries, Australia sent 21.8 percent, Brazil sent 12.5 percent, India sent 8.3 percent, and Japan sent 18.9 percent of its exports to China. Table 1 provides another measure of economic significance of exports to China: the fraction of exports to China relative to GDP and the value of GDP in current dollars.

Table 1
       Exports to China           2009 GDP
Country            (% of GDP)            (in billions of US$)

Australia              3.4                               994
Brazil                   1.2                            1,574
India                    0.8                            1,237
Japan                  2.2                            5,069

Based on the information provided, which of the following is closest to the value of Australia's total exports (to all countries) in current dollars? a. $33.8 billion
b. $75.6 billion
c. $125.6 billion
155 billion A clinic uses doctors and nurses to serve the maximum number of patients given a limited annual payroll. The clinic currently has 10 doctors and 30 nurses. The last doctor hired can serve 300 additional patients, while the last nurse hired can serve 200 additional patients. If doctors make $60,000 a year and nurses make $20,000 a year, the clinic a. is making the correct hiring decision because doctors are more productive than nurses. b. is making the correct hiring decision because doctors are paid more than nurses. c. could serve more patients with the same payroll by hiring more doctors and fewer nurses. If a monopoly pays its workers $10 per hour, the marginal product of labor is 5 units per hour, and the price of the firm's product is $15 per unit, what is the price elasticity of demand facing the firm? -1.15 -1.0 -3.56 -2.15 In 2009, China was the biggest export market for several countries. Among these countries, Australia sent 21.8 percent, Brazil sent 12.5 percent, India sent 8.3 percent, and Japan sent 18.9 percent of its exports to China. Table 1 provides another measure of economic significance of exports to China: the fraction of exports to China relative to GDP and the value of GDP in current dollars.

Table 1
       Exports to China           2009 GDP
Country            (% of GDP)            (in billions of US$)

Australia              3.4                               994
Brazil                   1.2                            1,574
India                    0.8                            1,237
Japan                  2.2                            5,069

Based on the information provided, which of the following is closest to the value of Australia's total exports (to all countries) in current dollars? a. $33.8 billion
b. $75.6 billion
c. $125.6 billion
155 billion In 2009, China was the biggest export market for several countries. Among these countries, Australia sent 21.8 percent, Brazil sent 12.5 percent, India sent 8.3 percent, and Japan sent 18.9 percent of its exports to China. Table 1 provides another measure of economic significance of exports to China: the fraction of exports to China relative to GDP and the value of GDP in current dollars.

Table 1
       Exports to China           2009 GDP
Country            (% of GDP)            (in billions of US$)

Australia              3.4                               994
Brazil                   1.2                            1,574
India                    0.8                            1,237
Japan                  2.2                            5,069

Based on the information provided, which of the following is closest to the value of Australia's total exports (to all countries) in current dollars? $33.8 billion
$75.6 billion
$125.6 billion
A clinic uses doctors and nurses to serve the maximum number of patients given a limited annual payroll. The clinic currently has 10 doctors and 30 nurses. The last doctor hired can serve 300 additional patients, while the last nurse hired can serve 200 additional patients. If doctors make $60,000 a year and nurses make $20,000 a year, the clinic a. is making the correct hiring decision because doctors are more productive than nurses. b. is making the correct hiring decision because doctors are paid more than nurses. c. could serve more patients with the same payroll by hiring more doctors and fewer nurses. A clinic uses doctors and nurses to serve the maximum number of patients given a limited annual payroll. The clinic currently has 10 doctors and 30 nurses. The last doctor hired can serve 300 additional patients, while the last nurse hired can serve 200 additional patients. If doctors make $60,000 a year and nurses make $20,000 a year, the clinic is making the correct hiring decision because doctors are more productive than nurses. is making the correct hiring decision because doctors are paid more than nurses. could serve more patients with the same payroll by hiring more doctors and fewer nurses. -1.15 -1.0 -3.56 -2.15 In 2009, China was the biggest export market for several countries. Among these countries, Australia sent 21.8 percent, Brazil sent 12.5 percent, India sent 8.3 percent, and Japan sent 18.9 percent of its exports to China. Table 1 provides another measure of economic significance of exports to China: the fraction of exports to China relative to GDP and the value of GDP in current dollars.

Table 1
       Exports to China           2009 GDP
Country            (% of GDP)            (in billions of US$)

Australia              3.4                               994
Brazil                   1.2                            1,574
India                    0.8                            1,237
Japan                  2.2                            5,069

Based on the information provided, which of the following is closest to the value of Australia's total exports (to all countries) in current dollars? a. $33.8 billion
b. $75.6 billion
c. $125.6 billion
155 billion A clinic uses doctors and nurses to serve the maximum number of patients given a limited annual payroll. The clinic currently has 10 doctors and 30 nurses. The last doctor hired can serve 300 additional patients, while the last nurse hired can serve 200 additional patients. If doctors make $60,000 a year and nurses make $20,000 a year, the clinic a. is making the correct hiring decision because doctors are more productive than nurses. b. is making the correct hiring decision because doctors are paid more than nurses. c. could serve more patients with the same payroll by hiring more doctors and fewer nurses.

Explanation / Answer

-3.56 $75.6 billion
is making the correct hiring decision because doctors are more productive than nurses. -3.56

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