A production function tells you, given the inputs, what the output will be.
Answer the following statement true (T) or false (F)
True
A production function tells you, given the inputs, what the output will be.
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The manager of a firm is attempting to practice third degree price discrimination. She has equated the marginal revenue in each of her markets. By doing this her
A) profits are maximized. B) costs are minimized given her level of output. C) revenues are maximized given her level of output. D) all of the above
Exclusions from GDP measurement of such items as the value of housework and leisure seriously undermine the usefulness of GDP as an indicator of the economy's performance
Indicate whether the statement is true or false
Gretchen is a writer who works from her home. Gretchen lives next door to Randall, the trumpet player for a local band. Randall needs lots of practice to earn his share of the band's profit, which will amount to $350 . Gretchen gets distracted by Randall's trumpet playing but she needs to get her writing done to earn $570 for her current article. If Randall owns the right to play his music and
Gretchen needs to hire a lawyer to help her reach an agreement with Randall, then what price is Gretchen willing to pay the lawyer? a. less than $220 b. less than $350 c. less than $570 d. less than $920
Because most people spend a very small fraction of the income on tap water, it is likely to be
A. inelastic. B. perfectly elastic. C. perfectly inelastic. D. elastic.