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
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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
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.
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.
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