Which of the following people is employed?
a. Kevin, a 12 year old, who is working at a bakery to pay his tuition bills
b. Jack, an employee who was fired last month, not actively looking for a paid job
c. Kate, a software engineer, who is working as a software developer
d. Dave, an economics graduate, who will join his new office after a month
c
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The trade-off between the present and future consumption is measured by
A) the money cost of both the present and future consumption. B) the foregone present consumption. C) the difference between the money price of future goods and the money cost of producing them. D) the difference between the money price of present goods and the money cost of producing them.
A firm with market power faces the following estimated demand and average variable cost functions:Qd = 39,000 - 500P + 0.4M - 8,000PRAVC = 30 - 0.005Q + 0.0000005Q2where Qd is 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 $2. Total fixed cost is $100,000. What is the estimated marginal revenue function for the firm?
A. MR = 78 - 0.004Q B. MR = 48 - 0.002Q C. MR = 48 - 0.004Q D. MR = 78 - 0.002Q
The application of new technology refers to
A. imitation. B. investment. C. innovation. D. education.
The combination of goods and services Mexico's citizens might feasibly consume are called Mexico's
A. total consumption. B. total production. C. consumption possibilities. D. production possibilities.