Describe how a study group of economics students could experience economies of scale as they study for an economics exam
In this example, the costs of production could be the costs of studying the material, measured in time spent per chapter. Specialization of labor can produce economies of scale. Specialization of labor could occur if each member of the study group focuses on a different chapter and explains that material to the group so that each member of the group learns the material in less time than she would if she were studying alone.
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Frieda enjoys cooking and baking. Her utility function is U(C, B) = 6C + 3B, where C is the number of hours she spends cooking and B is the hours she spends baking. What is Frieda's MU of cooking?
A. 1/6 B. 2 C. 6 D. It cannot be determined from the given information.
Figure 15-3
As shown in , if people behave according to adaptive expectations theory, an increase in the aggregate demand curve from AD1 to AD2 will cause the price level to move
a.
directly from 100 to 110 and then remain at 110.
b.
directly from 100 to 105 and then remain at 105.
c.
from 100 to 105 initially and then eventually move back to 100.
d.
from 100 to 105 initially and then eventually move to 110.
Demand is defined as
A) a schedule of how much of an item people will purchase at any particular price of that item during a specified time period, other things being constant. B) a specific quantity of an item that people want at a particular price of that item during a specified time period, other things being constant. C) a schedule of how much of a good or service people will purchase at any particular price of a different item during the specified time period, other things being constant. D) a specific quantity of a good or service that people will purchase at one particular price of another item during a specified time period, other things being constant.
Refer to the information provided in Figure 7.3 below to answer the question(s) that follow. 
Figure 7.3Refer to Figure 7.3. The average product of the first worker is ________ yards raked.
A. 4 B. 10 C. 14 D. 27