If the market basket of goods and services on which the CPI is based is $15,000 in the base year and $45,000 in the current year, the level of the CPI in the current year is _____.

Fill in the blank(s) with the appropriate word(s).


300

Economics

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The figure above shows the demand curve, marginal revenue curve, and marginal cost curve

The amount of consumer surplus when the market has a monopoly producer is ________ and the amount of consumer surplus when the market is perfectly competitive is ________. A) abf; ace B) abf; bcd C) ace; bcd D) ace; abf E) bcd; ace

Economics

If bus travel is an inferior good, then its income elasticity of demand will be:

a. strictly greater than one. b. positive. c. equal to zero. d. negative.

Economics

Ceteris paribus, if Americans decide they want to drive more German-made cars, this causes the ________ German currency to ________.

A. demand for; decrease B. supply of; increase C. supply of; decrease D. demand for; increase

Economics

Use the data in the table below to answer the following questions about a firm

Units of Units of Total Marginal Output Input X Input Y Product Product of X Price 0 25 0 $10 1 25 2 10 2 25 7 10 3 25 14 10 4 25 20 10 5 25 23 10 6 25 24 10 a. Complete the table by calculating the marginal product of input X. b. Compute the marginal revenue produce of input X. c. If the price of input X were $30 per unit, how many units should the firm use per unit of time to maximize profit? Explain why profit is maximized.

Economics