Solve the Problem. -Mike, Joe, and Bill Are Painting a Fence. the Painting

question 99

Multiple Choice

Solve the problem.
-Mike, Joe, and Bill are painting a fence. The painting can be finished if Mike and Joe work together for 4 hours and Bill works alone for 2 hours; or if Mike and Joe work together for 2 hours and Bill Works alone for 5 hours; or if Mike works alone for 6 hours, Joe works alone for 2 hours, and Bill Works alone for 1 hour. How much time does it take for each man working alone to complete the Painting?

• A)Mike: 12 hr; Joe: 10 hr; Bill: 10 hr
• B)Mike: 8 hr; Joe: 8 hr; Bill: 16 hr
• C)Mike: 16 hr; Joe: 8 hr; Bill: 8 hr
• D)Mike: 8 hr; Joe: 16 hr; Bill: 8 hr

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Definitions:

Tax Revenues

The funds collected by governments through the process of levying taxes.

Point Elasticity

The measure of how much the quantity demanded of a good responds to a change in price at a specific point on the demand curve.

Producer Surplus

The difference between the amount a producer is paid for a good and the minimum amount they are willing to accept for producing it.

Equilibrium Quantity

The quantity of goods or services supplied is equal to the quantity demanded at the market price.