Refer to the given data. How many units of output will this profit-maximizing firm produce?
Use the resource demand data shown on the left and the resource supply data on the right in answering the following question:
A. 39.
B. 48.
C. 55.
D. 60.
A. 39.
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Chris and Tony both produce tomatoes and pasta sauce. The table shows their possible production per month if both work the same number of 8 hour days. If Chris and Tony both decide to specialize and produce only the good in which they have a comparative advantage, then
A. Both Chris and Tony will produce only tomatoes. B. Chris will produce only tomatoes and Tony will produce only sauce. C. Both Chris and Tony will produce only sauce. D. Chris will produce only sauce and Tony will produce only tomatoes
Use the following graph for a competitive market to answer the question below.
Assume the government imposes a $3 tax on buyers, which results in a shift of the demand curve from D1 to D2. The amount of the tax paid by the consumer is
A. $8. B. $1. C. $3. D. $2.
"If country A has a higher level of real GDP per person than country B, then people in Country A must enjoy a higher standard of living than people in Country B." Is this statement true or false and explain your answer
What will be an ideal response?
You decide to quit your $40,000 a year job to go back to school. Your rent is $9,600 per year, you spend $6,000 per year on food, your tuition costs $24,000 per year, and textbooks cost $3,000 per year
Based on these numbers, what are your yearly explicit and implicit costs of going back to school?