Large scale family farms represent about 10% of all farms and produce:
a. Over half of the value of farm production
b. About 10% of the value of production
c. Less than 10% of the value of production
d. About 20% of the value of production
a. Over half of the value of farm production
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GDP excludes the value of all these goods and services EXCEPT
What will be an ideal response?
The amount of money that people wish to hold to use in transactions varies directly with
A) the income tax rate. B) their planned near-term purchases. C) the money supply. D) the interest rate.
The results of human action but not of human design
a. have traditionally led to anarchy b. can easily be converted into collective decision-making c. have frequently evolved over time into self-enforcing social institutions d. is in actually the result of planned education funding
This problem should be done in four steps. First, fill in the table directly below. Assume that fixed cost is $100 and price is $130. Second, on the graph paper draw the graphs of the firm's demand, marginal revenue, average variable cost, average total cost, and marginal cost curves. Be sure you label the graph correctly. Indicate the firm's short-run and long-run supply curves, and the break-even and shutdown points. Third, calculate total profit in the space below and then answer questions A through D. Fourth, complete the second table.
A. The minimum price the firm would accept in the short run would be $___________.
B. The minimum price the firm would accept in the long run would be $___________.
C. The output at which the firm would operate most efficiently would be ___________.
D. The output at which the firm would maximize profits would be ___________.
