Which of the following is not held constant in a supply schedule?
a. production technology
b. the price of the good
c. the prices of inputs
d. expectations
b
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Use the following table to answer the question below.Giovanni's Production Possibilities ScheduleJorge's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160032040120202408080401601204060801600800Who has the comparative advantage in the production of corn?
A. Jorge B. Giovanni C. Both D. Neither
Dan is the owner of a price-taking company that manufactures sporting goods. One particular facility Dan owns produces baseball bats and baseball gloves. His cost function for baseball bats is CB(QB, QG) = 100QB + QB2 + QBQG and the marginal cost is MCB = 100 + 2QB + QG, where QB is the output level for bats and QG is the output level for gloves. Dan's cost function for baseball gloves is CG(QB, QG) = 50QG + QG2 + QGQB, and the marginal cost is MCG = 50 + 2QG + QB. The price of a baseball bat is $240 and the price of a baseball glove is $150. If Dan were to shut down his production of bats and only produce gloves, what would be his profit-maximizing sales quantity of gloves?
A. 20 B. 25 C. 30 D. 50
Because the benefits derived from an activity decline as it is expanded, it is generally
a. wise to undertake all actions that generate benefits. b. efficient to stop well before perfection is achieved. c. best to continue as long as it is possible to derive some additional benefits. d. unwise to engage in activities for which the benefits decline as you do more of it.
Refer to the information provided in Figure 2.6 below to answer the question(s) that follow.
Figure 2.6Refer to Figure 2.6. Which of the following is most likely to shift the production possibility frontier from ppf1 to ppf2?
A. the purchase of stocks on the New York Stock Exchange B. moving resources from capital to consumer goods C. an increase in the general educational level of the population D. a change in consumer tastes