What is the marginal product of the heathen

Assignment Help Microeconomics

Reference no: EM132207524

Question: A pastor converts heathens (h) into reformers (r) by offering them a prayer (p). In order to produce 1 reformer (r), the pastor must have both a heathen (h) and a prayer (p)

i) Suppose that the pastor only has 10 prayers. What is the marginal product of the 4th heathen?

ii) Suppose the pastor only has 10 prayers. Additionally, suppose that any heathen converted to a reformer will tithe $30 to the pastor's church. What is the value of the marginal product of the 4th heathen?

iii) Suppose that the pastor only has 10 prayers. What is the marginal product of the 12th heathen?

Reference no: EM132207524

Questions Cloud

What are their impacts on the real exchange rate : Consider an online game that is popular in China. Besides having good skills, players performance also depends on the value of the virtual weapons.

Write a program that allows the user to enter an integer : The program calculates and prints the sum, average, and all the number above the average. Draw the flowchart for the program on the back this paper.

Would you choose sure amount or the right to open the boxes : Assuming that your utility function is U(x) = (x)1/2 (square root of x), and that you use expected utility as your guide in life, would you choose.

Find nash equilibrium bid and ask prices : Draw the trading network, with the trader as a square, the buyers and the sellers as circles, and the edges representing pairs of people who are able to trade.

What is the marginal product of the heathen : A pastor converts heathens (h) into reformers (r) by offering them a prayer (p). In order to produce 1 reformer (r), the pastor must have both a heathen.

Compute the subgame perfect equilibrium : You (Y ) have a job offer by Microsoft that pays a wage of r. But you have also a job offer from Facebook (F) and are in the process of negotiating your wage w.

Ask the user to enter a positive integer greater than zero : Outputs the even digits not in reverse order with a space separating the digits (consider zero to be even).

What the possible nash equilibrium outcomes are : Consider a trading network with intermediaries in which there is one buyer, one seller and two traders (intermediaries). The buyer and the seller each are.

Accept a number of minutes and converts it both to hours : Write a program that accepts a number of minutes and converts it both to hours and days.

User Account

All Pages