Refer to Scenario 7.2. Suppose that you receive an order for 60 earthquake detectors. How much labor will you use to minimize the cost of 60 earthquake detectors?
A) 1
B) 5
C) 10
D) 45
E) none of the above
D
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If the price of a visit to Sea World exceeds the marginal cost of the visit by $13, a producer surplus exists for Sea World." Is this statement true or false? Explain your answer
What will be an ideal response?
A surplus will occur in a market if:
A. the quantity supplied at a given price exceeds the quantity demanded at that price. B. the quantity demanded at a given price is less than the quantity supplied at that price. C. there are not enough sellers at the prevailing price. D. there are too many buyers at the prevailing price.
Setting P = ATC allows us to calculate total profit or loss
Indicate whether the statement is true or false
Refer to the data. If the commercial banking system actually loans the maximum amount it is able to lend:
Answer the question on the basis of the following consolidated balance sheet for the commercial banking system. Assume the required reserve ratio is 30 percent. All figures are in billions.
A. reserves and deposits equal to that amount will be gained.
B. excess reserves will be $2.6 billion.
C. excess reserves will fall to $1.7 billion.
D. excess reserves will be reduced to zero.