Which of the following could be the cross-price elasticity of demand for two goods that are complements?
a. -1.3
b. 0
c. 0.2
d. 1.4
a
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In a society where government mandates that everyone shares the product of one's hard work with everyone else, people will tend to work harder than they would if they could keep the full product of their work
Indicate whether the statement is true or false
By definition, in the typical firm's short-run production function all inputs are fixed in amount
Indicate whether the statement is true or false
Regarding costs, accountants _____; economists _____
a. identify stable and predictable costs for decision-making purposes; measure costs for financial reporting purposes b. identify stable and predictable costs for financial reporting purposes; measure costs for decision making purposes c. do not include opportunity costs; include opportunity costs d. include opportunity costs; do not include opportunity costs e. both b and c f. both a and d
Labor is the only variable input for Elliot's dog-walking service. His labor costs are $300 a day and his service walks 25 dogs per day. His labor costs increase to $315.50 a day to walk 26 dogs per day. The marginal cost of walking that 26th dog is
A. $15.50. B. $19.50. C. $29.50. D. indeterminate from the information given.