If the marginal rate of technical substitution for a cost minimizing firm is 10, and the wage rate for labor is $5, what is the rental rate for capital in dollars?
A) .5
B) 1
C) 2
D) 10
A
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The figure above shows Ilene's budget line. The price of a can of cat food is $2. Ilene's income per week is
A) $10. B) $40. C) $56. D) $160.
Use Figure 9-7 to answer questions a-j
a. If there is no quota what is the domestic price of almonds and what is the quantity of almonds demanded by consumers? b. If there is no quota how many kilos of almonds would domestic producers supply and what quantity would be imported? c. If there is no quota what is the dollar value of consumer surplus? d. If there is no quota what is the dollar value of producer surplus received by producers in Bragabong? e. If there is no quota what is the revenue received by foreign producers who supply almonds to Bragabong? f. With a quota in place what is the price that consumers of Bragabong must now pay and what is the quantity demanded? g. With a quota in place what is the dollar value of consumer surplus? Are consumers better off? h. With a quota in place what is the dollar value of producer surplus received by producers in Bragabong? Are domestic producers better off? i. Calculate the revenue to foreign producers who are granted permission to sell in Bragabong after the imposition of the quota. j. Calculate the deadweight loss as a result of the quota.
All of the following are examples of "external taxes" except:
a. the Stamp Act b. the Sugar Act c. the Townshend Acts d. the Molasses Act
This table shows the demand and supply schedule of a good.
According to the table shown, the equilibrium in this market will occur at:
A. a price of $1.50 and a quantity of 62.
B. a price of $1.50 and a quantity of 31.
C. a price of $0.00 and a quantity of 75.
D. Cannot be determined without more information