For the cost function C(Q) = 200 + 3Q + 8Q2 + 4Q3, what is the average fixed cost of producing six units of output?
A. 42.12
B. 33.33
C. 212.61
D. 18.31
Answer: B
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The expenditure-based method of national accounting ________
A) only tracks the purchase of goods and services by firms B) does not track the purchase of investment goods by firms and households C) only tracks the purchase of goods and services by the government D) tracks the purchase of all goods by households, firms and the government
The figure above shows the demand curve for pizza. Using the midpoint method and moving from point A to point B, calculate the
a) percentage change in price. b) percentage change in quantity demanded. c) price elasticity of demand.
Explain why opportunity cost is the best forgone alternative and provide examples of some opportunity costs that you have faced today
What will be an ideal response?
The price elasticity of demand is calculated as:
A) the change in price divided by the change in quantity demanded. B) the change in quantity demanded divided by the change in price. C) the percentage change in price divided by the percentage change in quantity demanded. D) the percentage change in quantity demanded divided by the percentage change in price.