ECO 2110 Midterm: midterm 2 Answer Key
210 views1 pages
Get access
Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Related textbook solutions
Related Documents
Related Questions
Complete the ES, EF, LS, LF chart and be prepared to answer the questions below. Find the slack on all events.
Give EF of Activity F _____
Give ES of Activity G _____
Give LS of Activity F ______
Give LF of Activity B ______
Give slack for Activity D _____
Give length of critical path _____
Activity | Duration | Predecessor | ES | EF | LS | LF | Slack | |
A | 2 | 0 | 2 | |||||
B | 4 | 0 | 4 | |||||
C | 1 | A | 2 | 3 | ||||
D | 1 | B | 4 | 5 | ||||
E | 7 | B | 4 | |||||
F | 3 | C,D | ||||||
G | 5 | E,F | ||||||
Use the following table to answer questions 1 - 3.
Number of Workers | Output | Marginal Product of Labor | Value of Marginal Product of Labor | Wage | Marginal Profit |
0 | 0 | ||||
1 | 100 | $1000 | $400 | $500 | |
2 | 80 | $800 | $400 | ||
3 | 60 | $400 | $100 | ||
4 | 280 | $400 | $400 | ||
5 | 20 | $400 |
1. What is the market price of the final good?
A. $5
B. $6
C. $8
D. $10
2. If the firm hires two workers, the two workers together produce
A. 80 units
B. 100 units
C. 180 units
D. 200 units
3. To maximize its profits, how many workers will the firm hire?
A. 2
B. 3
C. 4
D. 5