There are 20 residents in the village of Towneburg. The size of the village's annual fireworks display depends upon the number of shells that are fired off. Each resident's demand for fireworks is shown below. The total cost of the fireworks display is $1,000 plus $10 per shell.
Collectively, the residents of Towneburg would be willing to pay ________ for the 10th shell, and the marginal cost of the 10th shell is ________.
A. $30; $10
B. $30; $100
C. $600; $1,100
D. $600; $10
Answer: D
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Suppose eating soybeans leads to less cancer and heart disease. What effect would people eating more soybeans likely have on feed corn (a product also grown on land used to grow soybeans)?
A) The supply of feed corn will decrease. B) The cost of producing feed corn will increase. C) The price of feed corn will increase. D) All of the above.
If an Industry consists of two large firms, it is known as a(n)
a. monopoly b. perfect competition c. monopolistic competition d. natural monopoly e. duopoly
In an eight-hour day, Andy can produce either 24 loaves of bread or 8 pounds of butter. In an eight-hour day, John can produce either 8 loaves of bread or 8 pounds of butter. The opportunity cost of producing 1 pound of butter is
What will be an ideal response?
OutputTotal RevenueTotal Cost0$0$501407428094312011741601425200172Refer to the above table. The equilibrium price of the product is:
A. $160. B. $80. C. $120. D. $40.