A business owner makes 50 items a day. Each day he/she contributes 8 hours to produce those items. If hired, elsewhere he/she could have earned $10 an hour. The item sells for $10 each. Production does not stop during weekends. If the explicit costs total $10,00 . for 30 days, the economic profit for the month equals:
a. $2,600
b. $2,240
c. $11,760
d. $5,000
a
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The above table gives information for the nation of East Hampton
a. Find aggregate planned expenditure for each level of real GDP. b. What is the MPC? c. What is the equilibrium level of real GDP?
The above figure shows the market for neckties after the government has imposed a tax. How much deadweight loss results from this tax?
A) $250.00 B) $200.00 C) $150.00 D) $50.00
Price discrimination occurs when a firm sells
A) a given product at different prices at different points in time. B) a given product at different prices to different ethnic groups. C) a given product at different prices unrelated to differences in cost. D) a given product at different prices when it is produced in different colors.
Which of the following is true of the demand curve for a normal good? a. The shape of the individual demand curve for a normal good is necessarily linear
b. The slope of the individual demand curve for a normal good is necessarily positive. c. The shape of the individual demand curve for a normal good can either be linear or non-linear. d. The slope of the individual demand curve for a normal good can either be positive or negative.