An increase in the supply of corn will lower the total revenue from corn if
A) the demand curve for corn is inelastic between the current and new price of corn.
B) the demand curve for corn is elastic between the current and new price of corn.
C) there are many substitutes for corn.
D) there are only a few substitutes for corn.
E) none of the above
B
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Jim Smith would like to work, but has not looked for work in the past four weeks because he does not believe any jobs are available. In the official employment statistics, Jim is classified as:
A. underemployed. B. unemployed. C. employed. D. out of the labor force.
When the marginal and average products of labor are equal to each other, the
A) average product must be at its maximum value. B) marginal product must be at its maximum value. C) total product must be at its maximum value. D) None of the above answers is correct
Slick Shades has a constant marginal cost of production equal to $40 and the distributors have a constant marginal cost of distribution equal to $20. If Slick Shades is producing the profit-maximizing number of sunglasses (in hundreds) and charging the profit-maximizing wholesale price, what is Slick Shades' profit (in hundreds)?
The figure above shows the wholesale demand and marginal revenue curves for Slick Shades Sunglasses, a sunglasses firm with market power. Slick Shades Sunglasses has a constant marginal cost of production and it sells to perfectly competitive independent retail distributors that have a constant marginal cost of distribution.
A) $6,400
B) $8,000
C) $7,200
D) $5,60
The use of quarterly data to develop the forecasting model Yt = a +bYt?1 is an example of which forecasting technique?
a. Barometric forecasting b. Time-series forecasting c. Survey and opinion d. Econometric methods based on an understanding of the underlying economic variables involved e. Input-output analysis