Suppose your expenses for this term are as follows: tuition: $5,000, room and board: $3,000, books and other educational supplies: $500
Further, during the term, you can only work part-time and earn $4,000 instead of your full-time salary of $10,000. What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college?
A) $5,500 B) $8,500 C) $11,500 D) $14,500
C
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What is the deadweight loss due to profit-maximizing monopoly pricing under the following conditions: The price charged for goods produced is $10 . The intersection of the marginal revenue and marginal cost curves occurs where output is 100 units and
marginal revenue is $5 . The socially efficient level of production is 110 units. The demand curve is linear and downward sloping, and the marginal cost curve is constant.
Fiscal policy formation causes a delay in implementation even though a recession can usually be recognized within a few weeks after it begins.
Answer the following statement true (T) or false (F)
At a supermarket, the price of organic milk increases by 20 percent. According to the law of demand, the sale of organic milk would most likely ______.
a. decrease by 10 percent b. increase by 15 percent c. fluctuate between a 5 percent increase and a 5 percent decrease d. stay approximately the same
Suppose the market supply for good X is given by QXS = -100 + 5PX. If the equilibrium price of X is $100 per unit then producer surplus is
A. $1,600. B. $16,000. C. $400. D. none of the statements associated with this question are correct.