The world price of cotton is the highest price of cotton observed anywhere in the world
a. True
b. False
Indicate whether the statement is true or false
False
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A firm that is producing the quantity at which marginal cost exceeds both average total cost and the market price will increase its economic profit by _______
A. producing a larger quantity B. raising the price to equal marginal cost C. producing a smaller quantity D. producing the quantity that minimizes average total cost
If the market demand elasticity is constant at -3 and a monopolist's MPL = 1.2L-0.5, then the labor demand for the monopoly is
A) 0.8PL-0.5. B) 0.4PL-0.5. C) 0.8PL-2. D) 0.4PL-2.
Suppose pigs (P) can be fed corn-based feed (C) or soybean-based feed (S) such that the production function is P = 2C + 5S. If the price of corn feed is $4 and corn feed is on the horizontal axis, and the price of soybean feed is $5 and soybean feed lies on the vertical axis, what is expansion path?
a. C =5S/2 b. S =2C/5 c. the horizontal axis d. the vertical axis
The Levines sold their vacation home for $188,000. If they made a profit of 10 percent, what was the original cost of their property?
A) $169, 200 B) $179,000 C) $179,200 D) $170,900