If fixed cost is $8,000, variable cost is $5,000 at an output of 2 and $9,000 at an output of 3, how much is marginal cost at an output of 3?
A. $3,000
B. $4,000
C. $5,000
D. $8,000
B. $4,000
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Refer to Game Matrix V. Which of the following values of X and Y result in the only Nash Equilibrium being (Yes, Yes)?
Game Matrix V
The following questions refer to the game matrix below. Each firm has a choice of saying Yes or NO. The profits each gets depend upon which it chooses.
a. X = 21, Y = 9.
b. X = 19, Y = 11.
c. X = 21, Y = 11.
d. It is not possible for (Yes, Yes) to be a Nash Equilibrium.
If government spending increased by $200 billion and the MPC within the economy was 0.9, what would be the total impact on real GDP?
a. $180 billion increase b. $222 billion increase c. $380 billion increase d. $2.0 trillion increase
The price elasticity of supply measures the responsiveness of quantity supplied to a change in ____________.
a. quantity demanded. b. demand c. price. d. supply.
All two-dimensional graphs must have an origin, a horizontal axis, and a vertical axis
a. True b. False Indicate whether the statement is true or false