Which of the following cost relationships is not true?
A) AFC = AC - MC
B) TVC = TC - TFC
C) The change in TVC/the change in Q = MC
D) The change in TC/ the change in Q = MC
A
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Seth is a competitive body builder. He says he has to have his 12-oz package of protein powder to "feed his muscles" every day. On the basis of this information, what can you conclude about his price elasticity of demand for protein powder?
A) It is perfectly inelastic. B) The price elasticity coefficient is 1. C) It is elastic. D) It is perfectly elastic.
In the short run,
A. all of the firm’s input quantities, including plant size, become adjustable. B. firms are not constrained by past decisions. C. firms have relatively little opportunity to change production processes. D. all of the firm’s current commitments come to an end.
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. A bundle of goods that Country A could potentially make would be:
A. (500 iPods, 500 tablets). B. (500 iPods, 200 tablets). C. (500 iPods, 300 tablets). D. (500 iPods, 400 tablets).