The marginal propensity to consume (MPC) is calculated by which formula?
a. MPC = change in DI divided by change in C
b. MPC = change in GDP divided by change in DI
c. MPC = change in C divided by change in DI
d. MPC = change in C divided by change in GDP
c
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A defendant believes there is a 70 percent chance that the plaintiff will win $800,000 and a 30 percent chance that the plaintiff will lose and be awarded nothing (zero). The plaintiff believes that there is a 90 percent chance that they will win $800,000 and a 10 percent chance that they will be awarded nothing (zero). The plaintiff's litigation cost is $300,000 and the defendant's litigation
cost is $200,000. What is the defendant's expected loss from the litigation? A) $550,000 B) $660,000 C) $420,000 D) $760,000
In a tradeable effluent permit market,
a. effluent allowances may be used, but not effluent credits b. high-cost abaters will buy permits as long as the price is lower than their MAC c. a permit price should be established where all polluters’ MACs are equal d. all of the above e. (b) and (c) only
Maximum Feasible Hourly Production Rates (in Tons) of EitherWine or Beef Using All Available ResourcesProductArgentinaFranceWine (gallons)3060Beef (pounds)1030Use the above table. Assuming constant opportunity costs, the opportunity cost of producing a pound of beef in Argentina is
A. 2 gallons of wine. B. 0.33 gallons of wine. C. 0.5 gallons of wine. D. 3 gallons of wine.
Marginal Revenue is
A. the revenue associated with the first unit of sales. B. the extra cost associated with one additional unit of output. C. the extra revenue associated with one additional unit of sales. D. the revenue associated with the sale of the average unit.