Preferred Budgets ($ in millions)567891011Number of voters (in thousands)61016201595Table 15.2Table 15.2 shows the preferred budget for a new civic center and the number of voters in a community who prefer that budget. What budget does the median voter prefer?
A. 7
B. 8
C. 9
D. 10
Answer: B
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The present value of $525 received one year from today, assuming an annual rate of return of 5 percent is
a. $551.25 b. $525 c. $500 d. none of the above
In game theory, a Nash equilibrium is the equilibrium that always yields the best result
Indicate whether the statement is true or false
Refer to Table 3-2. The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market. If the price of caviar falls from $45 to $35, the market quantity demanded would
A) increase by 50 oz. B) decrease by 50 oz. C) decrease by 70 oz. D) increase by 70 oz.
Marginal cost
A) is the increase in total cost resulting from producing one more unit. B) is the average cost of production divided by output. C) equals the increase in AVC resulting from producing one more unit. D) always equals average cost.