A fishing boat owner sells her entire catch of 8,000 fish and maximizes profit that is equal to $4,000 . Suppose fish prices increase and you are asked to calculate her profit knowing that she now sells 10,000 fish. If fish prices increased by $1 per fish, what do you need to know to calculate her new profit level?
a. average fixed cost
b. average variable cost
c. change in average total cost
d. marginal cost
e. average total cost
C
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Financial intermediaries reduce risk by
A) investing in a large number of projects with independent returns. B) gaining expertise in evaluating and monitoring investments. C) investing in a small number of projects with independent returns. D) limiting the diversity of their investment portfolios.
Explain the concept of marginalism as it is used in economics
What will be an ideal response?
According to utility theory, a consumer is in equilibrium when:
a. total income is spent. b. marginal utility per dollar spent for a good is maximized. c. total utility per unit of a good is maximized. d. total utility per dollar spent is equal for all goods. e. marginal utility per dollar spent is equal for all goods.
When the Social Security Act was passed by Congress it was initially intended only to provide full-retirement income for citizens
Indicate whether the statement is true or false