Ross earns $60 each day. He spends this entire money either on movies or on games. The price of a movie ticket is $15, and the price of a game is $30 . Which of the following consumption bundles can Ross afford, given his income?
a. 5 movies and 2 games
b. 2 movies and 1 game
c. 3 movies and 1 games
d. 0 movies and 3 games
b
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A point inside a production possibilities curve reflects
a. the law of increasing costs b. technological innovation c. less than full use of resources and technology d. economic efficiency e. a way to increase future economic growth
Why may majority voting produce economically inefficient outcomes? Give a numerical example that leads to the rejection of a public good
Please provide the best answer for the statement.
Use the following table to answer this question, which provides information on the production of a product that requires one variable input.InputTotal Product00102002060030720408205090060980The average product of the 30th input item is
A. 200. B. 120. C. 24. D. 12.
The profit-maximizing decision for the monopoly is:
A. to choose the quantity where marginal cost equals marginal revenue. B. the same as that of the perfectly competitive firm. C. to choose price according to demand. D. All of these statements are true.