Suppose that you consume only pizza, which costs $4 per slice, and Diet Pepsi, which costs $2 each. The table above gives your utility from consuming these two goods
If your income is $14, which of the following consumption combinations will you choose? A) 3 slices of pizza and 1 Diet Pepsi
B) 2 slices of pizza and 3 Diet Pepsis
C) 1 slice of pizza and 5 Diet Pepsis
D) 0 slices of pizza and 7 Diet Pepsis
B
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Answer the following statements true (T) or false (F)
1. The average product can be calculated for any unit of input by dividing the total product by the marginal product. 2. If all inputs are increased by 25 percent and output by 35 percent, increasing returns to scale exist. 3. Implicit cost is an opportunity cost of doing business. 4. Opportunity cost and implicit cost are both explicit costs. 5. Marginal cost is the change in total cost that results from producing one less or one more unit of output.
Which of the following decades is known as the "Golden Age of Keynesian Economics"?
a. The 1930s b. The 1950s c. The 1960s d. The 1970s e. The 1980s
If marginal cost equals marginal revenue on the downward-sloping segment of the marginal cost curve, then increasing production until marginal cost again equals marginal revenue, this time on the upward-sloping segment of the marginal cost curve, is a profit- maximizing decision
Indicate whether the statement is true or false
The figure below shows the market for shoes in a small importing country. Dd and Sd are the domestic demand and supply curves of shoes, respectively.
The imposition of a tariff on shoes caused economic well-being in the country to ________ by an amount measured by the area
A. rise; (a + c). B. rise; (b + c+ d). C. fall; c. D. fall; (b + d).