If a meteorologist discovers a new warming pattern is developing, and the new pattern will create a much larger-than-expected soybean harvest, she should ________ soybean futures
Other things constant, she is more likely to profit from her decision when ________ people are aware of the warming pattern and its consequences. A) buy; fewer
B) sell; fewer
C) sell; more
D) buy; more
B
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Suppose the value of the price elasticity of demand is -3. What does this mean?
A) A 1 percent increase in the price of the good causes quantity demanded to decrease by 3 percent. B) A $1 increase in price causes quantity demanded to fall by 3 units. C) A 1 percent increase in the price of the good causes quantity demanded to increase by 3 percent. D) A 3 percent increase in the price of the good causes quantity demanded to decrease by 1 percent.
If a production function is given by the equation Q = 12X + 10X2 - X3, where Q = Output and X = Input, then calculate the equations for
a. average product b. marginal product c. point of diminishing average returns d. point of diminishing marginal returns
In the market for natural gas, a particularly mild winter will lead to: a. a decrease in the demand and an increase in both equilibrium price and quantity
b. an increase in the supply and an increase in both equilibrium price and quantity. c. an increase in the supply, a decrease in equilibrium price, and an increase in equilibrium quantity. d. a decrease in the demand and a decrease in both equilibrium price and quantity.
Opportunity cost is
A. the value of the next best alternative which was given up. B. the same thing as the money price of a good. C. based on the intrinsic value of the good itself. D. the combined value of all the alternatives not selected.