If 11 workers can produce a total of 54 units of a product and a 12th worker has a marginal product of 6 units, then the average product of 12 workers is
A) 60 units.
B) 54 units.
C) 48 units.
D) 5 units.
Answer: D
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Which of the following approaches to understanding and predicting consumer behavior does not actually solicit any information from any potential customers?
A) Test marketing. B) Conjoint analysis. C) Analysis of historical data. D) Expert opinion.
Suppose the short-run price elasticity of demand for airline travel is 0.50, while its long- run elasticity is 2.50 . This means that for 100 short-notice travelers compared to 100 travelers who book well in advance, a significant increase in airline fares now will cause airlines to
a. collect less revenue from the short-notice travelers than from the travelers who book well in advance b. gain travelers who book well in advance but lose short-notice travelers c. lose more revenue from short-notice travelers than from travelers who book well in advance d. collect less revenue from the travelers who book well in advance than from the short-notice travelers e. lose more short-notice travelers than travelers who book well in advance
A basic distinction between the long run and the short run is that
A) if a firm produces no output in the long run, it still incurs a cost. B) the opportunity costs of production are lower in the short run than in the long run. C) in the long run, some inputs are fixed, while in the short run, all inputs are variable. D) in the short run, complete adjustment of all inputs is impossible, while in the long run all inputs can be adjusted.
Refer to the information provided in Figure 34.3 below to answer the question(s) that follow.
Figure 34.3Refer to Figure 34.3. If fewer British firms want to invest in the United States, the supply of pounds will
A. shift from S1 to S0. B. shift from S2 to S0. C. shift from S1 to S2. D. not change.