Refer to Table 6-8. What is the numerical value of the price elasticity of supply?
A) 0 B) 1
C) greater than 0 but less than 1 D) greater than 1
A
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Why is the value added by each producer included in the calculation of GDP instead of his sales revenue?
What will be an ideal response?
The income approach to measuring GDP is based on summing
A) the values of final goods, intermediate goods and services, used goods, and financial assets. B) the production of each industry. C) consumption expenditure, investment, government expenditures on goods and services, and net exports of goods and services. D) wages, interest, rent, and profits. E) consumption expenditure and wages.
A monopolist seller of Irish ceramics faces the following demand function for its product: P = 62 - 3Q. The fixed cost is $10 and the variable cost per unit is $2 . What is the maximizing QUANTITY for this monopoly?
a. Q = 10 b. Q = 15 c. Q = 22 d. Q = 37 e. Q = 41
You are a manager of a small coal mining operation. Your best way to design task would be
A. narrow task assignment and functional specialization among workers. B. narrow task assignment to workers and limited interest in specialized task. C. broad allocation of decision rights and empowerment via delegation. D. narrow specialization among workers without any task assignment.