Michael Jordan averaged 35 points per game over a 100-game season. During the playoff round of 10 games, he averaged 50 points, and in the five-game championship series, he led the Chicago Bulls to victory, averaging 40 points. For the entire season, how many points did Jordan score, what was his average, and did the championship series pull his previous average up or down?
What will be an ideal response?
Over the regular season, Jordan scored 35 × 100 = 3,500 points. He added 500 points in the playoff, for a 4,000-point total over 110 games. His average rose to 36.3. Since his “marginal” 40-point performance in the championship was above his average of 36.3, he pulled up his average. The season total was 4,200 points; his average was 4,200/115 = 36.5.
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Indicate whether the statement is true or false
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a. $10,000 b. $500 c. $50 d. $5,000 e. $9,524
All of the following apply to the description of a market in equilibrium except
a. quantity supplied equals quantity demanded b. the intersection of the supply and demand curves c. no excess supply exists d. no excess demand exists e. the price of the good is falling
Assume a perfectly competitive firm is in long-run equilibrium and there is a decrease in market demand for the firm's output. Which of the following will occur?
A) Existing firms will maintain the original level of output, but they will shift their cost functions down in the short run.
B) Existing firms will raise price to cover the reduction in quantity demanded and maintain total revenue in the short run.
C) Existing firms will reduce output in the short run.
D) Market price will be above its original level