Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Assume Mr. Lingle is on budget constraint AC. If the price of a gardenburger is $6, Mr. Lingle's monthly income is
A. $24.
B. $60.
C. $200.
D. $240.
Answer: D
You might also like to view...
Because of scarcity, we attempt to utilize our resources as efficiently as possible
a. True b. False Indicate whether the statement is true or false
Frieda enjoys cooking and baking. Her utility function is U(C, B) = 6C + 3B, where C is the number of hours she spends cooking and B is the hours she spends baking. What is Frieda's MRS of cooking with baking?
A. 1/6 B. 2 C. 6 D. It cannot be determined from the given information.
What is a production function?
a. A relationship between a firm's profits and the technology it uses in its production processes. b. A relationship between the cost and revenue of a firm associated with each possible output level. c. A relationship between any combination of input services and the maximum attainable output from that combination. d. The relationship between a worker's education and his or her ability to be a productive employee.
If the money wealth, interest rate, and international effects reduce the quantity of aggregate demand by 5 percent when the price rises by 10 percent and the multiplier is 3, then the slope of the aggregate demand curve is:
A. ?2. B. ?1/2. C. ?3. D. ?2/3.