According to the Bureau of Labor Statistics' survey, which category represents the largest expense for the typical urban family?
a. Housing.
b. Food and beverages.
c. Transportation.
d. Medical care.
a
You might also like to view...
The present value of benefits (PVB) is found as
a. the discounted value of benefits for a single period without adjusting for inflation b. ?(bt/[1+rs]t), with bt= Bt/(1 + p)t c. ?(bt/[1–rs]t), with bt= Bt/(1 + p)t d. ?(bt/[1+rs]t), with bt= Bt/(1 –p)t
Why is it customary to report price elasticity of demand in absolute value terms while cross elasticities and income elasticities are reported with their sign attached?
What will be an ideal response?
You are the manager of a firm that produces output in two plants. The demand for your firm's product is P = 78 ? 15Q, where Q = Q1 + Q2. The marginal costs associated with producing in the two plants are MC1 = 3Q1 and MC2 = 2Q2. What price should be charged in order to maximize revenues?
A. $52 B. $39 C. $47 D. $56
Engineers for the Off Road Skateboard Company determine that a 12% increase in all inputs will cause a smaller percentage increase in output. Assuming that input prices remain constant, you correctly deduce that such a change in inputs will cause ________ as output increases.
A. average fixed costs to increase B. average costs to decrease C. average costs to increase D. total costs to decrease