A firm has a fixed cost of $500 in its first year of operation. When the firm produces 100 units of output, its total costs are $4,500 . The marginal cost of producing the 101st unit of output is $300 . What is the total cost of producing 101 units?
a. $46.53
b. $800
c. $4,800
d. $5,300
c
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The accompanying table below shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities. Number of EmployeesTotal DonationsAverage DonationsTotal Labor CostsAverage Labor Costs1$30,000 $8,0002$42,426 $17,000 3 $17,321$27,000 4$60,000 $9,5005 $13,416$50,000 The President of State U decides to hire fundraising employees as long as their average benefit exceeds their average cost. This results in ________ employees being hired and a net benefit (total donations minus total labor costs) of ________.
A. 5; $67,080 B. 5; $17,080 C. 4; $22,000 D. 4; $60,000
Which of the following would be expected to increase the demand for U.S. currency?
A. The economy enters a recession. B. Competition among brokers forces down the commission charge for selling bonds or stocks. C. Online banking allows customers to transfer funds between checking and stock mutual funds 24 hours a day. D. Political instability rises dramatically in developing nations.
A(n) ________ in U.S. prices will cause an increase in the demand for U.S. dollars and a(n) ________ in the (per dollar) exchange rate.
A. increase; increase B. increase; decrease C. decrease; increase D. decrease; decrease
How much money would you have to put into a savings account today to be worth $500 three years from now at a market rate of interest equal to 8 percent?
A) $397 B) $351 C) $420 D) $459