Where L represents labor and X represents output, MPL x PX is the value of labor's marginal product while the wage rate is the
A. marginal revenue of a unit of output.
B. marginal cost of a unit of output.
C. value of labor's marginal revenue.
D. cost of a marginal unit of labor.
Answer: D
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Annual demand and supply for the Entronics company is given by:
QD = 5,000 + 0.5 I + 0.2 A - 100P, and QS = -5000 + 100P where Q is the quantity per year, P is price, I is income per household, and A is advertising expenditure. a. If A = $10,000 and I = $25,000, what is the demand curve? b. Given the demand curve in part a., what is equilibrium price and quantity? c. If consumer incomes increase to $30,000, what will be the impact on equilibrium price and quantity?
The number one cause of death in the United States in 1980 was
a. AIDS. b. heart disease. c. cancer. d. stroke. e. homicide and accidents.
Suppose that personal income is $250 billion. Furthermore, assume that retained corporate earnings are $2 billion, social security taxes are $15 billion, social security benefit checks equal $16 billion, the capital consumption allowance is $32 billion, and corporate taxes amount to $40 billion. Gross national product of this nation will be:
a. $177 billion. b. $259 billion. c. $291 billion. d. $343 billion. e. $323 billion.
Which of the following will impact both supply and demand?
A. a change in quantity B. a change in income C. a change in price D. a change in expected future price