Refer to the below data. If columns 1 and 3 are this firm's demand schedule, maximum economic profit will be:
Answer the question on the basis of the following demand and cost data for a specific firm.
A. $60
B. $70
C. $80
D. $90
D. $90
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What is a minimum wage? What are the effects of a minimum wage set below the equilibrium wage rate?
What will be an ideal response?
One bag of flour is sold for $1.50 to a bakery, which uses the flour to bake bread that is sold for $4.00 to consumers. A second bag of flour is sold to a consumer in a grocery store for $2.00 . Taking these three transactions into account, what is the effect on GDP?
a. GDP increases by $1.50. b. GDP increases by $3.50. c. GDP increases by $6.00. d. GDP increases by $7.50.
Which of the following formulas represents the marginal rate of technical substitution of labor for capital?
A. MPK/MPL B. -?L/?K C. ?K/?L D. MPL/MPK
If fears of a terrorist attack are widespread and people lose faith in money, the economy could revert to a system of
A. cash and checks. B. double-entry bookkeeping. C. barter. D. financial intermediaries.