The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. If 95 units are produced, the average total cost is
A) $6.31.
B) $17.45.
C) $26.32.
D) $32.63.
D
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Following are the controversies over how poverty should be measured, except:
a. government transfers and other programs are not properly taken into account in the measures of poverty. b. the poverty measures do not distinguish among the needs of different individuals. c. the concept of poverty line does not draw any distinction between income and purchasing power. d. the concept of poverty line does not take into account the expenditure on food by each family. e. the income generated in the underground economy are not taken into account.
Entrepreneurship
What will be an ideal response?
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.
One of the consequences of the overstatement of the CPI is that
A. the poverty line is lower than it would otherwise be. B. Social Security payments are lower than they would otherwise be. C. Social Security taxes are higher than they would otherwise be. D. personal income taxes are higher than they would otherwise be.