For the cost function C(Q) = 100 + 4Q + 19Q2 + 2Q3, what is the marginal cost of producing the fourth unit of output?
A. $295
B. $116
C. $42
D. $252
Answer: D
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If the absolute value of the price elasticity of demand for a good is .75, the demand for that good is described as
A. inferior. B. normal. C. inelastic. D. elastic.
Suppose bundle A is better than bundle B for a consumer, and bundle C is an average of bundles A and B. a. Use the continuity, convexity and monotonicity assumptions to formally prove that this implies that bundle C is better than bundle B. b.Did you also -- implicitly or explicitly -- use the rationality axioms?
What will be an ideal response?
The Solow residual is a measure of
A) average labor productivity. B) average capital productivity. C) total factor productivity. D) the rate of growth of real GDP.
In 2014, the Social Security Trust Fund held approximately
A. more than enough to deal with all future liabilities. B. $3 trillion in government bonds, and when combined with expected future taxes, that will be enough to deal with future liabilities. C. enough to deal with all future liabilities. D. $3 trillion in government bonds, and when combined with expected future taxes, that will still not be enough to deal with future liabilities.