Suppose it costs a farmer $1.00 to produce 1 unit of corn, $2.10 to produce 2 units of corn, and $3.30 to produce 3 units of corn. What's the average cost of producing 2 units of corn?
A) $1.00
B) $1.05
C) $1.10
D) $2.00
E) $2.10
B
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"If the currency drain increases, the monetary base decreases." Explain whether the previous statement is correct or incorrect
What will be an ideal response?
Even if the population declines, scarcity will still exist
Indicate whether the statement is true or false
In a two-period model with default, if the market interest rate is low, then
A) default is more likely B) there is no effect on the nation's default decision. C) default is less likely. D) the income effect is larger than the substitution effect.
The Equivalent Variation for an increase in the price of a good is
A) the reduction in a consumer's income necessary to harm the consumer by as much as the price increase. B) the increase in a consumer's income necessary to eliminate the consumer's harm from a price increase. C) the change in consumer surplus resulting from a price increase. D) the amount of money a consumer would accept to be subject to a price increase.