Industrial ecology explicitly recognizes the interaction between
a. federal and state levels of government
b. the EPA and environmental groups
c. industrial processes and the natural environment
d. none of the above
c. industrial processes and the natural environment
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A positive externality ________
A) gives rise to external benefits B) leads to increasing returns to scale C) imposes an additional cost on the society D) leads to higher economic profit
Suppose that MPL = 50 and MPK = 30. If W = 25 and R = 10, then a firm:
A. is producing its output at the lowest possible cost. B. could reduce costs by employing more labor and less capital. C. could reduce costs by employing more capital and less labor. D. could minimize costs by employing more of both inputs.
A good way to view macroeconomic equilibrium is:
a. Water at rest in a tub. b. Two opposing forces, like water flowing into and out of a tub but the level remaining constant. c. A state of complete rest, where an economy comes to a complete halt for a brief period. d. A state of rapid change, but one where the adjustment from one level to another is so quick that the shifts are seamless to most observers. e. Where the supply and demand for economic activity equals the supply and demand for political activity.
A purely competitive wheat farmer can sell any wheat he grows for $25 per bushel. His five acres of land show diminishing returns because some are better suited for wheat production than others. The first acre can produce 1,000 bushels of wheat, the second acre 900, the third 800, and so on.
a. Use the table below to answer the following questions. How many bushels will each of the farmer’s five acres produce? How much revenue will each acre generate? What are the TR and MR for each acre?
Instructions: Enter your answers as whole numbers.
b. If the marginal cost of planting and harvesting an acre is $20,000 per acre for each of the five acres, how many acres should the farmer plant and harvest? acres.