Refer to Scenario 4 . What is the maximum number of schools that can be built? The maximum number of prisons?
What will be an ideal response?
Ten is the maximum number of schools and five is the maximum number of prisons.
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The poverty rate by family size levels off after 4 children
Indicate whether the statement is true or false
Which of the following is not used as a trade protection practice?
a. tariff b. quotas c. safety standards d. foreign-owned domestic production e. nontariff barriers
A relatively steep demand curve indicates that
a. quantity demanded will adjust only slightly to a price change. b. quantity demanded will adjust significantly to a price change. c. quantity demanded will not adjust to a price change. d. the change in quantity demanded will exactly equal a change in price.
A price-setting firm faces the following estimated demand and average variable cost functions:Qd = 800,000 - 2,000P + 0.7M + 4,000PRAVC = 500 - 0.03Q + 0.000001Q2where Qd is the quantity demanded, P is price, M is income, and PR is the price of a related good. The firm expects income to be $40,000 and PR to be $53. Total fixed cost is $2,600,000. What is the estimated demand function for the firm?
A. Qd = 800,000 - 4,000P B. Qd = 800,000 - 500P C. Qd = 1,040,000 - 2,000P D. Qd = 1,600,000 - 2,000P