Say you own a Mexican place that produces, among other things, Mexican burritos. Your production of burritos is given by the equation Q = 6KL2, where Q is the amount of burritos, K is the amount of capital and L is the amount of labor. How many workers would you need to use in order to minimize the cost of producing 100 burritos when the capital is, K, is 20?
A. 0
B. 2
C. 1
D. 4
Answer: B
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A movement from point N to point L would represent
A. an increase in both consumer goods and capital goods.
B. a decrease in both consumer goods and capital goods.
C. an increase in consumer goods, but a decrease in capital goods.
D. an increase in capital goods, but a decrease in consumer goods.
In a franchising relationship
a. the franchisor is the principal b. the agent is the franchisor c. the franchisor is the agent d. the principal is the franchisee
A decrease the nominal deficit can be caused by an increase in:
A. the debt. B. government expenditures. C. interest rates. D. taxes.
The resource cost falls in a purely competitive industry. This change will result in a(n):
A. Increase in marginal cost for firms in the industry and an increase in the industry supply curve B. Decrease in marginal cost for firms in the industry and a decrease in the industry supply curve C. Decrease in marginal cost for firms in the industry and an increase in the industry supply curve D. Increase in marginal cost at each output level for firms in the industry and an increase in the industry supply curve