An inferior good is one that consumers buy in smaller quantities when incomes rise.
Answer the following statement true (T) or false (F)
True
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Which of the following is a thrift institution? i. a credit union ii. the Fed iii. a savings bank
A) i only B) ii only C) iii only D) Both i and iii E) i, ii, and iii
Which of the following is a normative statement?
A) The price of candy bars is $1.25 each. B) Candy bars are more expensive than newspapers. C) You should eat less candy. D) Popcorn and candy are sold in movie theaters.
Dan is the owner of a price-taking company that manufactures sporting goods. One particular facility Dan owns produces baseball bats and baseball gloves. His cost function for baseball bats is CB(QB, QG) = 100QB + QB2 + QBQG and the marginal cost is MCB = 100 + 2QB + QG, where QB is the output level for bats and QG is the output level for gloves. Dan's cost function for baseball gloves is CG(QB, QG) = 50QG + QG2 + QGQB, and the marginal cost is MCG = 50 + 2QG + QB. The price of a baseball bat is $240 and the price of a baseball glove is $150. What is Dan's total profit assuming he is producing both products at their profit-maximizing sales quantities?
A. $3,600 B. $4,000 C. $4,400 D. $4,500
Government intervention may create more problems than it is designed to solve.
Answer the following statement true (T) or false (F)