Refer to the data. The total cost of producing 4 units of output is:
Answer the question on the basis of the accompanying table that shows average total costs (ATC) for a manufacturing firm whose total fixed costs are $10:
A. $31.
B. $87.
C. $124.
D. $137.
C. $124.
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The data in the table above give two points on the demand curve for pizza. Using the midpoint method, when the price of a pizza falls from $10 to $9, what is the percentage change in price?
A) 8.2 percent B) 15.5 percent C) 10.5 percent D) 5.0 percent E) 1.0 percent
The income elasticity of demand for restaurant meals is 1.61. So
A) if income increases by 16.1 percent, the quantity demanded of restaurant meals will increase by 10 percent. B) if income increases by 10 percent, the quantity demanded of restaurant meals will increase by 16.1 percent. C) restaurant meals are an income elastic normal good. D) Both answers B and C are correct.
When mortgage loans are securitized, they are
A) issued to borrowers with flawed credit histories. B) issued to borrowers who fail to document their income. C) bundled together by financial institutions and sold to investors. D) guaranteed by the federal government.
When decision rights are decentralized, typically
a. decisions are being moved to those with more of the relevant information b. decisions are being moved to those with stronger incentives to make good decisions c. decisions are being moved from those with more of the relevant information d. decisions are being moved from those with weaker incentives to make good decisions