You have just found the consumer's optimal combination of goods using constrained optimization. The marginal utility of income is the:
A) Cobb-Douglas statistic.
B) Hicks factor.
C) Slutsky equation.
D) Lagrange multiplier.
D
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Use the following graph showing the average total cost curve for a perfectly competitive firm to answer the next question.
At the long-run equilibrium level of output, this firm's total cost
A. is $10. B. is $400. C. is $40. D. cannot be determined from the information provided.
The success of Walt Disney's animated film The Lion King in 1994 increased production of animated films, increasing the demand for animators much faster than the supply of animators was increasing
As a result, in the market for animators, the equilibrium wage fell and the equilibrium quantity increased. Indicate whether the statement is true or false
Wealth in the hands of Americans has been
a. rising because of the trade deficit b. rising in spite of the trade deficit c. falling because of the trade deficit d. falling in spite of the trade deficit e. falling in the last twenty years
Which of the following skills would the study of economics help promote?
A. problem solving B. memorization C. critical thinking D. problem solving and critical thinking only.