In the table below you will find a schedule of a firm’s fixed cost and variable cost. Complete the table by computing total cost, average fixed cost, average variable cost, average total cost, and marginal cost
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Michigan Radio is the state's most listened-to public radio service, attracting approximately 400,000 listeners each week and is funded through listener donations. Listeners can access Sirius satellite radio through a subscription to the service
Michigan Radio is a ________ and Sirius satellite radio is a ________. A) common resource; natural monopoly B) public good; natural monopoly C) natural monopoly; private good D) public good; common resource
In the figure above, if the market is unregulated, the output will be
A) zero. B) 50 units. C) 150 units. D) 250 units.
Because of China's growth, natural resources
A) are in greater demand, but that demand is mostly going to the previously industrialized nations so it is having little effect on economic development in developing countries. B) are in greater demand and the natural resources are increasingly coming from developing countries. C) prices are falling since China has tremendous negotiating power. D) are not in high demand since labor and capital are the emphasized inputs in Chinese manufacturing.
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. Country A would be using resources efficiently if it produced:
A. (500 iPods, 100 tablets). B. (500 iPods, 150 tablets). C. (500 iPods, 200 tablets). D. (500 iPods, 250 tablets).