Giuseppe's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price is $15, what is Giuseppe's profit-maximizing output?
A) 2 pizzas per hour
B) 3 pizzas per hour
C) 4 pizzas per hour
D) 0 pizzas per hour
A
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Suppose a worker gets a weekly check equal to $1,000 from a risk-free investment, has 60 hours of weekly leisure that can be devoted to work and can earn a wage of $40 per hour. a. Illustrate this worker's budget constraint, with weekly leisure hours on the horizontal and weekly consumption (in dollars) on the vertical. b Illustrate what happens to this worker's budget constraint when the weekly investment check increases to $1,500. c. Illustrate what happens to this worker's budget constraint when instead the wage increases to $50 per hour. d. Suppose the worker can hire help at $20 per hour, and each hour of help adds a half an hour to his available leisure. Will the budget constraint described in (a) change?
What will be an ideal response?
Refer to Figure 17-4. Which of the following is true at W2?
A) The supply curve is positively sloped. B) The income effect and the substitution effect are equal. C) The substitution effect is larger than the income effect. D) The income effect is larger than the substitution effect.
Average total cost is
a. the change in cost as output decreases b. the change in cost as output increases c. TC / quantity of output d. MC - TC e. AVC - AFC
The amount of unemployment varies little over time and across countries
a. True b. False Indicate whether the statement is true or false