According to the table below, what is the marginal cost of producing 90 units of output?QFCVC01,0000201,000350501,000700901,0001,0501251,0001,4001451,0001,7501601,0002,100
A. 21.00
B. 5.32
C. 8.75
D. 11.67
Answer: C
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Jack swapped his basketball for Jim's glove. Even if national income accountants were aware of this trade, they wouldn't include it in their GDP measure because
A) it was an unproductive exchange. B) the basketball and glove were not final goods. C) this was not a market transaction. D) it failed to increase the wealth of both traders. E) there is no satisfactory way to determine market values for bartered goods, new or used.
When the rental price of capital is above the equilibrium price ________
A) we have an excess supply of capital and the rental price should fall B) we have an excess demand of capital and the rental price should fall C) we have an excess supply of capital and the rental price should increase D) we have an excess demand of capital and the rental price should increase E) none of the above
The more narrowly a good is defined, the
a. easier it is to find substitutes, and the less price-elastic is the demand b. easier it is to find substitutes, and the more price-elastic is the demand c. more difficult it is to find substitutes, and the less price-elastic is the demand d. more difficult it is to find substitutes, and the more price-elastic is the demand e. more difficult it is to find substitutes, but this has no impact on the price elasticity of demand
A recent outbreak of hepatitis was linked to a national fast-food restaurant chain. This is an example of a case in which
a. brand name identity increases the effectiveness of markets. b. brand name identity can be detrimental to the profitability of a firm. c. advertising is ineffective in salvaging perceptions of product quality. d. advertising cannot be used to establish brand loyalty.