A simultaneous increase in demand and supply leads to an increase in price
Indicate whether the statement is true or false
F
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A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker. How many workers should the farmer hire?
A. 1 B. 2 C. 3 D. 4
Describe the shape of the monopolistically competitive firm's demand curve
You observe that the demand for pomelo is given byQd = 5,000-10Pand the supply of pomelo is given byQs = 1,000 + 30P. What is the market equilibrium for pomelo?
A. P = 500, Q = 16,000 B. P = 200, Q = 3,000 C. P = 100, Q = 4,000 D. P = 50, Q = 2,500
The following table shows Alex's estimated annual benefits of holding different amounts of money. Average money holdingsTotal benefit$700$50$800$59$900$66$1,000$71$1,100$74How much money will Alex hold if the nominal interest rate is 8 percent? (Assume she wants her money holdings to be in multiples of $100.)
A. $900 B. $800 C. $700 D. $1,000