mary jane is a lawyer who can earn 150

Full Answer

How much can Mary Jane earn from her law practice?

(*58%)Mary Janeis a lawyer who can earn $150 per hour inher law practice. She is also an excellent carpenter who can build cabinets three times as fast as the best carpenter, whose hourly wage is $20 per hour. Which of the following is a correct economic statement?

Should Mary Jane make her own cabinets while still practicing law?

Mary Jane has an absolute and comparative advantage in both law and carpentry, so she should make her own cabinets while continuing to practice law. On the basis of the diagram above showing an economy's production possibilities curve for two goods, which of the following statements must be true?

How much should a carpenter charge Mary Jane for her work?

b. Because Mary Jane is an excellent carpenter, when the best carpenter works for Mary Jane, he can only charge one third as much, or $6.67 per hour. c. When carpenters work for lawyers, they should charge $150 per hour instead of $20 per hour. d.

What is Mary Jane's comparative advantage in law?

a. Mary Jane has a comparative advantage in law so she should specialize in law & hire a carpenter to make her cabinets. b.

What advantage does Mary Jane have in law?

a. Mary Jane has a comparative advantage in law so she should specialize in law and hire a carpenter to make her cabinets.

How much does Mary Jane make an hour?

Mary Jane is a lawyer who can earn $150 per hour in her law practice. She is also an excellent carpenter who can build cabinets three times as fast as the best carpenter, whose hourly wage is $20 per hour.

Who is faster, Mary Jane or any carpenter?

d. Mary Jane is three times faster than any carpenter so she should give up her law practice to become a carpenter.

How many units of Y are there in the opportunity cost of moving from point P to point R?

I. The opportunity cost of moving from point P to point R is 10 units of Y.