Suppose the cost function is C(Q) = 50 + Q ? 10Q2 + 2Q3. What is the total cost of producing 10 units?
A. $2,060
B. $1,060
C. $1,010
D. $560
Answer: B
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According to the quantity theory of money, if the money supply grows at 20 percent and real GDP grows at 5 percent, then the inflation rate will be
A) 15 percent. B) 20 percent. C) 25 percent. D) 100 percent.
Describe how the investment component of GDP is distinct from the other components
What will be an ideal response?
Consumer surplus is
a. the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it. b. the amount a buyer is willing to pay for a good minus the cost of producing the good. c. the amount by which the quantity supplied of a good exceeds the quantity demanded of the good. d. a buyer's willingness to pay for a good plus the price of the good.
The own-price elasticity for cherries at the farm level is —0.60. Because of the recent freeze in Washington, cherry production will fall by 12 percent. Cherry prices are likely to
A) Remain the same. B) Rise by 20%. C) Fall by 20%. D) Can't tell; insufficient information.