Suppose a human life is worth $10 million. Installing a better lighting system in the city park would reduce the risk of someone being murdered there from 3.5 to 2.9 percent over the life of the system. The city should install the new lighting system if its cost does not exceed
a. $60,000.
b. $290,000.
c. $350,000.
d. $600,000.
a
Economics
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Refer to the figure above. What is the producer surplus in the market?
A) $20 B) $40 C) $60 D) $80
Economics
Interlace, Inc produces and a unique soda. The company cannot price discriminate. The figure above shows Interlace's demand curve, marginal revenue curve, and marginal cost curve. Interlace, Inc is definitely
A) a perfectly competitive firm. B) not a perfectly competitive firm. C) a natural monopoly. D) None of the above answers is correct.
Economics
Refer to Table 2.3. Assume that 2010 is the base year. Real GDP in 2007 is
A) $490.00. B) $568.00. C) $580.00. D) $671.00.
Economics
The value of labor is in skill, effort and knowledge
Indicate whether the statement is true or false
Economics