The average (mean) price of ten commodities is $330. If an eleventh commodity whose price is $600 is included in the calculation, the new average is:
A) $254.54.
B) $354.54.
C) $330.35.
D) $450.25.
B
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Using the table above answer the following question. Assume that the marginal cost of production for this firm is $0
If this firm is a monopolist and can only charge a unique price in whole dollar amounts which price will he charge to maximize profits? How much revenue would the firm collect? How would this answer change if this firm were to practice perfect price discrimination?
The marginal propensity to consume is 0.50, marginal propensity to invest is 0.20, and the marginal propensity to import is 0.05. What is the size of the multiplier?
A) 1.00
B) 2.86
C) 3.00
D) 0.50
Marginal profit is positive at all positive output levels.
Answer the following statement true (T) or false (F)
An excise tax
A) acts as a negative incentive to consume that good or service. B) is illegal in Florida, Georgia, and Alaska. C) is often used to encourage the use of a good. D) is a value added tax (VAT).