Refer to the above table. What is AVC at an output of 2 units?
A. $61
B. $16
C. $7
D. $45
Answer: B
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The price of a new portable CD player falls from $100 to $90 . The quantity of CD players demanded rises from 15,000 per year to 20,000 per year. Use the midpoint formula to calculate the price elasticity of demand for portable CD players
Is the demand elastic, inelastic, or unit elastic?
To maximize cartel profit, the members must allocate output so that the marginal cost for the final unit produced by each firm is
a. identical b. unequal c. negative d. equal to the firm's average total cost e. maximized
If the nominal interest rate is 9 percent and the real interest rate is 3 percent, then the inflation rate is
a. -6 percent. b. 3 percent. c. 6 percent. d. 12 percent.
Of the following, which is NOT a regional trade agreement?
a. the World Trade Organization b. the European Union c. the North American Free Trade Agreement d. the Central American Free Trade Agreement