In the above figure, the total cost curve is curve
A) A.
B) B.
C) C.
D) none of the curves in the figure.
A
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At a price of $4.50/pound, people buy 55 pounds of chocolate cream candy. At a price of $5.50/pound, people buy 45 pounds of chocolate cream candy. What is the arc elasticity of demand for chocolate cream candy in this price range?
a. 1.0 b. 10.0 c. 0.1 d. 0.67 e. none of the above
Figure 4-6
Grapes can be used for wine or for raisins. Which graph in Figure 4-6 best depicts the effects on the U.S. raisin market of a decrease in purchases of domestic wines?
a.
1
b.
2
c.
3
d.
4
Refer to the table shown. Diminishing marginal productivity begins when the:Number of workersTotal output142103184285356417458489501049
A. third worker is hired. B. fifth worker is hired. C. sixth worker is hired. D. fourth worker is hired.
Which would be considered an investment according to economists?
a. The selling of IBM corporate bonds b. The purchase of a new machine by Ford c. The purchase of stock in MacDonald's d. The buying of shares of Janus mutual funds