Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The marginal cost of the 5th T-shirt is
A) 2.
B) 10.
C) 12.
D) 60.
A
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Explain why only final goods are included in GDP
What will be an ideal response?
Economists use game theory to analyze __________
Fill in the blank(s) with correct word
Which of the following ismostlikely to increase the supply of corn?
A. The farm worker's union successfully negotiates a pay increase for corn harvest workers. B. The Surgeon General announces that eating corn bread contributes to baldness in men. C. Congress and the President eliminate subsidies formerly paid to corn farmers. D. Farmers that grow soybeans can also grow corn, and the price of soybeans drops by 75 percent.
We can measure total production by:
A. adding up everyone's asset wealth. B. comparing cost of inputs to final sale price. C. adding up what people spend on final goods and services. D. adding up all spending in the economy on all goods and services.