Refer to the information. The average total cost of 3 units of output is:
The Sunshine Corporation finds that its costs are $40 when it produces no output. Its total variable costs (TVC) change with output as shown in the accompanying table. Use this information to answer the following question..
A. $65.
B. $21.67.
C. $40.
D. $35.
D. $35.
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An implication of the return-to-entrepreneurship curve is that:
A) for a relatively lower return, there will be more entrepreneurs with at least that return. B) all entrepreneurs in an economy with inclusive institutions have exactly the same return. C) all entrepreneurs in an economy with extractive institutions have exactly the same return. D) for a relatively lower return, there will be fewer entrepreneurs with at least that return.
If prices of both horizontal and vertical goods increase by 50%,
A) budget constraint will be unchanged. B) slope of the budget constraint stay the same. C) slope of the budget constraint will decrease. D) budget constraint will shift outward in a parallel fashion.
You have a choice among three options. Option 1: receive $900 immediately. Option 2: receive $1,200 one year from now. Option 3: Receive $2,000 five years from now. The interest rate is 15 percent (0.15) per year. Rank these three options from highest present value to lowest present value
a. Option 1, Option 2, Option 3 b. Option 3, Option 2, Option 1 c. Option 2, Option 3, Option 1 d. Option 3, Option 1, Option 2 e. Option 1, Option 3, Option 2
Consumer theory provides the foundation for understanding demand curves because
a. each point on a demand curve represents an optimal choice point. b. consumers purchase more inferior goods than normal goods. c. increases in income cause the budget constraint to rotate inward along one axis, which changes the consumer's purchases. d. increases in income cause the budget constraint to rotate outward along one axis, which changes the consumer's purchases.