In New Zealand one worker can produce 40 walking sticks or 10 boomerangs each hour. What is the opportunity cost of producing one walking stick?
a. 40 boomerangs
b. 10 boomerangs
c. 4 boomerangs
d. 1/4 of a boomerang
e. 1/2 worker
D
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Three hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula TC = 1,000Qmill + (Qmill)2, where Qmill indicates the mills annual production in thousands of tons. The marginal external cost of a mill's production (in dollars) is given by the formula MEC = 200 + 2Qmill. Finally, annual market demand (in thousands of tons) is given by the formula Qd = 200,000 - 100P. What is the efficient price?
A. $1,400 B. $1657.14 C. $685.71 D. $1,200
Refer to Figure 14-3. How will Rainbow Writer respond to Odeon's two possible offers?
A) Rainbow Writer will accept either offer. B) Rainbow Writer will reject either offer. C) Rainbow Writer will only accept an offer of $30 per copy of the software package. D) Rainbow Writer will only accept an offer of $40 per copy of the software package.
During the past 40 years, U.S. exports as a percent of GDP and U.S. imports as a percent of GDP
A) both rose at the same pace. B) both fell at the same pace. C) both rose, but U.S. imports as a percent of GDP rose at a faster pace. D) both rose, but U.S. exports as a percent of GDP rose at a faster pace.
What is a synergy or cost complementarity?
a. the cost of producing different products offered by separate companies would be more expensive when produced by one company b. the cost of producing different products offered by separate companies is higher than when produced by one company c. the cost of producing different products offered by separate companies is equal to when the products are produced by one company d. None of the above