The change in saving divided by the change in disposable income is the:
a. propensity to save.
b. saving function.
c. average propensity to save.
d. extra propensity to save.
e. marginal propensity to save.
e
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Assume someone organizes all farms in the nation into a single-price monopoly. As a result, the price consumers pay for food
A) does not change, that is, it remains constant. B) falls. C) rises. D) might rise or fall depending on whether the demand for food is elastic or inelastic. E) might rise or fall depending on whether the monopoly's marginal revenue curve lies above or below its demand curve.
What is typically the main cost of pursuing a college education?
A) tuition B) room and board C) books and supplies D) income forgone by not working
Which of the following was one of Marx's predictions?
A. Competition among capitalists would benefit workers. B. Firms would become larger and larger. C. Capitalism in its pure form was benevolent. D. Capitalism would evolve into feudalism.
A purely competitive wheat farmer can sell any wheat he grows for $25 per bushel. His five acres of land show diminishing returns because some are better suited for wheat production than others. The first acre can produce 1,000 bushels of wheat, the second acre 900, the third 800, and so on.
a. Use the table below to answer the following questions. How many bushels will each of the farmer’s five acres produce? How much revenue will each acre generate? What are the TR and MR for each acre?
Instructions: Enter your answers as whole numbers.
b. If the marginal cost of planting and harvesting an acre is $20,000 per acre for each of the five acres, how many acres should the farmer plant and harvest? acres.