Use the economic way of thinking to complete the following statement: An entrepreneur who owns his own building
A) enjoys the building as a free good.
B) sacrifices rental income he could have been earned on the building.
C) enjoys lower costs than other entrepreneurs who choose to rent buildings from others.
D) enjoys larger economic profits compared to other entrepreneurs who choose to rent buildings from others.
B
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When will setting a relatively high entry fee and a low competitive price be the best strategy for a two-part tariff monopolist?
a. When the customers are nearly identical. b. When the customers have inelastic demand for the product. c. When the customers place a relatively low value on their time. d. When the customers can be separated into a number of diverse groups.
Imagine that you are an entrepreneur, making designer t-shirts in your garage. Your total cost (in dollars) is given by the equation TC = 300 + 10Q, where Q represents the number of t-shirts you make. Your fixed cost is $________, and your marginal cost is $________.
A. 300/Q; 30 B. 300; 10Q C. 300; 10 D. 300/Q; 10
The coefficient of determination is defined as the:
A) ratio of the total sum of squared errors to the sum of squared errors. B) ratio of the regression sum of squares to the sum of the squared errors. C) ratio of the sum of squared errors to the total sum of squared errors. D) none of the above.
The World Bank specializes in making loans to
A) industrialized nations. B) communist nations. C) developing nations. D) African nations.