Profit is the payment received by resource owners for the use of their capital
a. True
b. False
B
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Robinson spends all his income on mangos and bananas. Mangos cost $3 per pound. Robinson's marginal utility is 30 for the last pound of mangos purchased and 10 for the last pound of bananas
If Robinson maximizes his utility from consuming these goods, the price of bananas is A) $0.50 per pound. B) $1 per pound. C) $2 per pound. D) $3 per pound.
All of the following affect the demand elasticity for labor EXCEPT
A) final product income elasticity. B) ease of substitution of labor for other inputs. C) final product price elasticity. D) labor costs as a portion of total cost.
What is the future value of $1,000 in three years if the rate of discount is equal to 5 percent?
A) $1,150.00 B) $1,005.00 C) $1,157.63 D) $863.84
A business owner makes 50 items a day. She spends 8 hours in producing those items. If hired elsewhere she could have earned $10 an hour. The item sells for $10 each. Production occurs seven days a week. If the explicit costs total $10,000 a month the economic profit for the month equals:
a. $2,600 b. $2,240 c. $11,760 d. $5,000