Use the following graph to answer the question below.
At a quantity of 290, marginal benefit equals ________ and marginal cost equals ________.
A. $0.50, $1.60
B. $1.60, $1.60
C. $1.00, $1.00
D. $1.60, $0.50
Answer: A
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The income effect of a decrease in the price of macaroni and cheese (assume this is an inferior good) results in
A) an increase in the demand for macaroni and cheese. B) an increase in the quantity of macaroni and cheese demanded. C) a decrease in the quantity of macaroni and cheese demanded. D) a decrease in the demand for macaroni and cheese.
Trisha believes the production of a dress requires 4 labor hours and 2 machine hours to produce. If Trisha decides to operate in the short run, she must spend $500 to lease her business space
Also, a labor hour costs $15 and a machine hour costs $35. What is Trisha's cost of production as a function of dresses produced?
Which of the following flows from the government to the households?
a. Goods and services b. Resources of production c. Taxes d. Government services e. Loans
Among the factors that might lead to a divergence from the path of prices for a depletable resource predicted by the economic models are: (i) unexpected discoveries of new reserves; (ii) new technologies which reduce extraction costs
a. i and ii b. i but not ii c. ii but not i d. neither i nor ii