Trisha believes the production of a dress requires 4 labor hours and 2 machine hours to produce. If Trisha decides to operate in the short run, she must spend $500 to lease her business space
Also, a labor hour costs $15 and a machine hour costs $35. What is Trisha's cost of production as a function of dresses produced?
Since the production of a dress requires spending $60 for labor and $70 for machine hours, Trisha's cost function is: C(q) = 130q + 500.
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Refer to the table above. When the price is ________ and the quantity is ________, social surplus is maximized
A) $8; 5 units B) $6; 4 units C) $4; 4 units D) $2; 8 units
Given the values in the table above, the IS curve is ________
A) Y = 34.6 - 2r B) Y = 8.65 - 2r C) Y = 22.6 - 2r D) Y = 8.33 - 0.67r E) none of the above
An economic boom in America should increase the
a. demand for U.S. dollars. b. demand for U.S. goods and services. c. demand for foreign currencies. d. supply of foreign currencies.
When does the advertisers' dilemma occur?
What will be an ideal response?