If the total cost function is TC = 10Q3 - 50Q2 + 1000Q + 500, what is the equation for AFC?
What will be an ideal response?
AFC = 500/Q
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What will be an ideal response?
If the United States experiences an economic boom, how will this affect the foreign exchange value of the U.S. dollar?
a. It will fall because other nations would be forced to raise their interest rates. b. It will fall because the United States will import more goods and services, leading to an increased demand for foreign currencies. c. It will rise because U.S. GDP would be rising faster than other countries. d. It will rise because the Fed will have to lower U.S. interest rates. e. It will rise because the United States will import more goods and services, leading to an increased demand for foreign currencies.
The aggregate demand curve:
a. shows the amount of real output that will be purchased at each possible price level. b. is downsloping because production costs decline as real output increases. c. shows the amount of expenditures required to induce the production of each possible level of real output. d. is upsloping because a higher price level is necessary to make production profitable as production costs rise.
Refer to Figure 8.3. The marginal cost of the ninth basketball is A) less than $2. B) $2. C) $3. D) greater than $3.