In the above table, if the price of labor is $10 per hour and the price of capital is $20 per unit, what is the total cost of Technique W?
A) $80,000
B) $200,000
C) $280,000
D) $360,000
D
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When there are two goods (X and Y), the consumer's optimum is typically found by locating the basket where the marginal value of X in terms of Y equals PX/PY. Explain in words what this equality means, and describe two situations where the consumer's optimum is not characterized by this equation.
What will be an ideal response?
Once the Fed decides on the interest rate it wants in the federal funds market, its most common method of achieving this rate is by
A) changing tax rates. B) conducting open market operations. C) altering exchange rates. D) changing reserve requirements.
The actual rate of unemployment will generally
a. increase as an economy enters a recession. b. decrease as an economy enters a recession. c. fall below the natural rate of unemployment during a recession. d. do both a and c.
Economists would predict that, other things the same, the more generous unemployment compensation a country has, the
a. shorter the duration of each spell of unemployment and the higher the unemployment rate. b. shorter the duration of each spell of unemployment and the lower the unemployment rate. c. longer the duration of each spell of unemployment and the higher the unemployment rate. d. longer the duration of each spell of unemployment and the lower the unemployment rate.