Given the cost function C(Y) = 6Y2, what is the marginal cost?
A. 12Y
B. 6Y
C. Y2
D. 3Y
Answer: A
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Suppose that in Canada the government places a $1,500 tax on the buyers of new snowmobiles. After the purchase of a new snowmobile, a buyer must pay the government $1,500. How would the imposition of the tax on buyers be illustrated in a graph?
A) The tax will shift both the demand and supply curves to the right by $1,500. B) The tax will shift the demand curve to the left by $1,500. C) The tax will shift the supply curve to the left by $1,500. D) The tax will shift the demand curve to the right by $1,500.
Which of the following is not a fungible commodity?
A. Electricity B. Silver C. Oil paintings D. All of these are fungible commodities.
The period of growth in real GDP between the trough of the business cycle and the next peak is called the:
a. recessionary phase. b. recovery phase. c. contractionary phase. d. cyclical phase.
Why is indexing not commonly adopted in spite of the fact that it eliminates most of the wealth transfers associated with unexpected inflation?