At a given rate of output, marginal cost equals the slope of the
a. long-run average cost curve
b. short-run average total cost curve
c. planning curve
d. total cost curve
e. average variable cost curve
D
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Human capital is, in part, the
A) amount of money held by a worker. B) stock of knowledge of a worker. C) stock of plant and equipment. D) stock of financial assets held by the public.
If 2009 is the reference base period, what is the price index for the CPI basket of goods for 2015 in the above table?
A) 97.3 B) 102.8 C) 128.0 D) zero because the price of Blu-rays fell and the price of water increased
The market demand curve for denim jeans is Q = 231 - 45 P + 23 I where P is the product price and I is per-capita consumer income. Which of the following statements about this demand function is NOT true?
A) Denim jeans are normal goods. B) The price elasticity of demand is -45. C) The demand curve is downward sloping. D) The Engel curve for this denim jeans is upward sloping.
The neighborhood ice cream shop finds that when it charges $3 per ice cream cone, its total revenues are $90,000 . It has total variable costs of $30,000 and total fixed costs of $40,000 . From this we can infer the:
a. shop should be moved because the rent is too high. b. price is less than average total cost. c. economic profits are $20,000. d. shop will be closed in the long run. e. shop sells 10,000 ice cream cones.