Which of the following pairs of goods are likely to be considered substitutes?

A) Coffee and sugar
B) Printers and printing ink
C) A Ford car and public transportation
D) A Nokia cell phone and a Nokia cell phone charger


C

Economics

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A factor of production that can be easily changed in the relevant time period is called a

A) fixed input. B) temporary input. C) variable input. D) substitution input.

Economics

A consulting company estimated market demand and supply in a perfectly competitive industry and obtained the following results:Qd = 25,000 ? 5,000P + 25MQs = 240,000 + 5,000P ? 2,000PIwhere P is price, M is income, and PI is the price of a key input. The forecasts for the next year are  = $15,000 and  I = $20. Average variable cost is estimated to beAVC = 14 ? 0.008Q + 0.000002Q2Total fixed cost will be $6,000 next year. Suppose that income for next year is forecasted to be $9,000 instead. What will the firm's profit (loss) be?

A. -$7,934 B. zero C. -$6,000 D. -$8,000 E. none of the above

Economics

Which of the above diagrams illustrate(s) the effect of an increase in the price of Budweiser beer on the market for Coors beer?

A. A only B. B only C. C only D. A and C

Economics

Suppose compensation is given by W = 512,000 + 217? + 10.08S, where W = total compensation of the CEO, ? = company profits (in millions) = $200, and S = sales (in millions) = $400. How much will this CEO be compensated?

A. $512,000 B. $812,431 C. $43,400 D. $559,432

Economics