What is the average cost per unit for producing 3 units?
a. 200
b. 260
c. 70
d. 110
b
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If you own a building and you decide to use that building to open a restaurant,
A. there are no sunk costs involved in this decision. B. there is no opportunity cost of using this building for a restaurant because you own it. C. the only cost relevant to this decision is the price you paid for the building. D. there is an opportunity cost of using this building for a restaurant because it could have been used in other ways.
When the price of a good increases by 300%, the quantity supplied of the good increases from 200 units to 900 units. The price elasticity of supply of the good is:
A) 1.17. B) 1.5. C) 3. D) 4.5.
Based on the following information, calculate public saving, net foreign investment, and national income. Assume that the capital account is zero and net transfers are zero
private saving = $145 billion exports = $285 billion imports = $240 billion consumption = $600 billion private investment = $125 billion government purchases = $75 billion
Explain what happens to inflation during the business cycle. Give an intuitive explanation as to why inflation changes the way it does over the business cycle
What will be an ideal response?