The above table shows the total product schedule for the campus book store. If each employee is paid $6 per hour, what is the average variable cost of selling 83 books per hour (assuming labor costs are the only variable costs of production)?
A) $0.43 per book
B) $0.07 per book
C) $2.30 per book
D) $6.00 per book
A
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At the current interest rate, the quantity of loanable funds supplied is greater than the quantity of loanable funds demanded. Therefore
A) equilibrium will not be achieved until something shifts the supply of loanable funds curve rightward. B) the real interest rate is above the equilibrium level. C) the real interest rate is below the equilibrium level. D) equilibrium will not be achieved until something shifts the supply of loanable funds curve leftward. E) equilibrium will not be achieved until something shifts the demand for loanable funds curve rightward.
Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $12.50 and if Archibald's does not shut down, what is the firm's profit-maximizing output?
A) 2 tattoos per hour B) 3 tattoos per hour C) 4 tattoos per hour D) 5 tattoos per hour
A decrease in real GDP causes
A) movement downward along a money demand schedule. B) movement upward along a money demand schedule. C) a rightward shift of the money demand schedule. D) a leftward shift of the money demand schedule.
Which of the following better explains the fact that computers are cheaper now than 10 years ago? a. c and d b. c and e c. The technology used in the production of computers has improved during this period. d. Resources used in the production of computers have become cheaper during this period
e. The demand for computers has increased substantially during this period.