The level of long-run aggregate supply is affected by all of the following except
A) changes in the capital stock. B) changes in the number of workers.
C) changes in the technology. D) changes in the price level.
D
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Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are measured in dollars. For any given volume, D, your neighbor's benefit is B = 0.63D - 0.002D2 and your cost is C = 0.06D + 0.001D2. With an efficient Pigouvian tax, how much will your neighbor pay in noise taxes?
A. $22.50 B. $23.75 C. $28.75 D. $71.25
The figure below shows the demand for meals at lunch and dinner for a proposed new restaurant. Suppose the marginal cost of a meal (both lunch and dinner) is constant at $10 per meal and marginal cost of providing the capacity is constant at $5 per meal. Once the managers have determined the profit-maximizing capacity, at dinner they will serve ________ meals and set a price of ________ per meal.
A) 200; $35 B) 800; $25 C) 200; $20 D) 600; $30
Suppose there is a reduction in consumer income and an increase in the price of jet fuel, an important resource used to produce air travel. If air travel is a normal good, how will these changes influence the price and quantity of air travel? The price of air travel will (be) ____ and quantity purchased will (be) ____
a. decrease; indeterminate b. increase; indeterminate c. decrease; decrease d. indeterminate; decrease
"Never put all your eggs in one basket." This saying refers to the concept of
a. averaging. b. market timing. c. diversification. d. leveraging.