One popular measure to describe the relationship between the dependent variableyand each explanatory variable is the:
A. ?standardized effect.
B. ?interaction effect.
C. ?average partial effect.
D. ?partial effect.
Answer: C
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Which of the following is true about average fixed cost?
a. Average fixed cost has a U-shape, and marginal cost crosses average fixed cost at its minimum point. b. Average fixed cost does not vary as output increases. c. Average fixed cost is the difference between marginal cost and average total cost. d. Average fixed cost is total fixed cost divided by the quantity of output produced, and it declines steadily as output increases.
If a product has an inelastic demand, then:
a. there is probably a long time period under consideration. b. as price increases, total revenue to producers decreases. c. an increase in the price will decrease total consumer expenditures. d. there are probably many complements for the good. e. there are probably few substitutes for the good.
When a monopolist faces a fixed marginal cost of production, profit is maximized if:
a. the slope of the tangent to the total revenue curve is equal to the slope of the total cost curve. b. the slope of the total cost curve is 1. c. the marginal revenue is zero. d. the slope of the tangent to the total revenue curve is equal to the slope of the marginal revenue curve.
How can increased investment help a country achieve increased economic growth? What costs are involved?