Indicate whether the statement is true or false.
For Figure 6.9 in the book, MRTS = K/(4L) with capital (K) on the vertical axis of the isoquant map. Suppose L=100 hours and K=400 machine hours at the current level of output
How much additional labor is required to maintain output if we reduce capital by one machine hour? A) One hour
B) Two hours
C) Three hours
D) Four hours
A
Economics
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All the welfare programs combined are twice as large as Social Security
Indicate whether the statement is true or false
Economics
If a firm is producing at an output where the total revenue curve crosses the total cost curve,
a. revenue is maximized b. cost is maximized c. cost is minimized d. profit is maximized e. profit is zero
Economics
Refer to the information provided in Figure 4.5 below to answer the question(s) that follow.
Figure 4.5Refer to Figure 4.5. Assume that initially there is free trade. If the United States then imposes a $10.00 tariff per CD-Rom drive on imported CD-Rom drives,
A. the quantity of CD-Rom drives supplied by U.S. firms will increase by 3 million. B. U.S. imports of CD-Rom drives will increase by 3 million. C. the quantity of CD-Rom drives demanded will be reduced by 6 million. D. the price of CD-Rom drives in the United States will decrease to $5.
Economics
Rent controls generally provide the tenants the most efficient housing choice in the long run and maximize economic welfare.?
Economics