A short run total cost schedule is a _________ cost schedule shifted upward by the amount of ________ cost.
A) total fixed; marginal
B) marginal; total variable
C) total variable; total fixed
D) total variable; marginal
C) total variable; total fixed
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Refer to Table 12-2. What is Margie's total revenue if she sells 250 pounds of apples?
A) $250 B) $500 C) $750 D) There is not enough information in the table to determine Margie's total revenue.
If people buy less chewing gum at every price when their incomes fall, then:
a. chewing gum is a normal good. b. the demand for chewing gum is positively sloped. c. demand for chewing gum has increased. d. the price of chewing gum has increased. e. there has been a decrease in population that changed demand.
The quantity of Blu-Ray players purchased declined in spite of a decline in price. This implies that the
a. supply curve for Blu-Ray players shifted to the left. b. demand curve for Blu-Ray players shifted to the right. c. demand curve for Blu-Ray players shifted to the left. d. supply curve for Blu-Ray players shifted to the right.
(Appendix) Suppose the production function for widgets is Q = (KL)½. If capital is fixed at 4 units, what is the marginal product of labor when you produce 10 units of output?
A. 0.4 B. 1.5 C. 1 D. 0.2