What are the functions for MC and AC if TC = 40 + 10q + 5q2?
A) MC = 10q; AC = 10 + 5q
B) MC = 10 + 10q; AC = 40/q + 10 + 10q
C) MC = 10 + 10q; AC = 40/q + 10q2
D) MC = 20 + 10q; AC = 40/q + 10q
B
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a. 0.1 percent per year b. 2.2 percent per year c. 6.7 percent per year d. 9.3 percent per year e. 15 percent per year
One of the social benefits of frictional unemployment is that
a. workers get time off from work. b. economic growth is limited. c. workers move from less to more valuable firms. d. wage rates decrease.
Which of the following is correct?
A. There is no relationship between MP and MC. B. When AP is rising MC is falling, and when AP is falling MC is rising. C. When MP is rising MC is rising, and when MP is falling MC is falling. D. When MP is rising MC is falling, and when MP is falling MC is rising.
Economists typically suggest three choices that allow a polluter to decide how to absorb most, or perhaps all, of the social costs of its actions, which are
A) continuing to overproduce the good, lowering the price of the good, or cutting output. B) reducing the pollution-causing activity, changing production techniques, or paying a price to pollute. C) installing pollution abatement equipment, paying to pollute, or just ignoring the issue. D) paying a pollution tax, continuing to use existing production techniques, or continuing the polluting behavior without regard to the social implications.