Refer to the table below. Suppose the profit for each unit of paper product is $2 and the profit for each unit of lumber is $5 and Big Oaks is producing the profit-maximizing quantity of lumber and paper products. If the profit from each unit of lumber increases from $5 to $6 and the profit for each unit of paper products does not change, to maximize profit, Big Oaks should produce a ________
proportion of lumber and produce ________ units of paper products and lumber.
Big Oaks can produce either paper products or lumber with each tree that they harvest. Because Big Oaks can adjust the amount of paper products and lumber they produce from the harvested trees, paper products and lumber are produced in variable proportions. The above table summarizes Big Oaks production possibilities from each harvested tree.
A) smaller; more
B) smaller; less
C) greater; less
D) greater; more
D) greater; more
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The average annual growth rates of labor productivity from 1948 to 1973 were ________ the average rates over the period from 1973 to 1995.
A. more rapid in the U.S., but slower in other industrialized countries than B. about the same as C. more rapid than D. slower than
If a firm wants to buy a piece of capital equipment, is this firm a demander or supplier in the financial market?
What will be an ideal response?
The quantity theory of money assumes that
a. the national economy tends to operate at less than full. b. the velocity of money is unstable. c. the national economy tends to operate at full employment. d. the velocity of money varies with changes in interest rates.
Recall the Application about determining the optimal level of methane abatement to answer the following question(s).Recall the Application. The EPA has estimated the cost of methane recovery at different recovery levels. Given those costs, the efficient level of methane recovery:
A. depends on the estimate of the marginal benefit of methane recovery. B. is zero because the costs exceed the benefits. C. will increase if scientists determine that methane is not as harmful as it is currently thought to be. D. will include only recovery from landfills and coal mines, but not from natural gas distribution.