Why should productivity be measured?
A. To find new ways to meet customer needs
B. To see whether the business's objectives are being met
C. To determine the best ways to invest company profits
D. To locate new
B. To see whether the business's objectives are being met
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Suppose milk and cereal are compliments and the demand for milk is Qdm = 40 - 6Pm - 2Pc, where Qdm stands for millions of gallons of milk demanded, Pm stands for the price of milk and Pc stands for the price of cereal. The supply of milk is Qsm = 6Pm - 8, where Qsm stands for millions of gallons of milk supplied. The demand and supply of cereal are Qdc = 90 - 5Pc - Pm and Qsc = 5Pc - 10, respectively, where Qdc stands for millions of boxes of cereal demanded and Qsc stands for millions of boxes of cereal supplied. Suppose the government imposes a $2.00 per gallon tax on milk. In the new general equilibrium:
A. the price of milk and the price of cereal are both higher. B. the price of milk is higher and the price of cereal is lower. C. the price of milk is lower and the price of cereal is higher. D. the price of milk and the price of cereal are both lower.
If the price elasticity of demand is 0.4, a 5 percent increase in price will quantity demanded to fall by 2 percent.
Answer the following statement true (T) or false (F)
Economies and diseconomies of scale explain:
A. why the firm's long-run average total cost curve is U-shaped. B. the distinction between fixed and variable costs. C. the profit-maximizing level of production. D. why the firm's short-run marginal cost curve cuts the short-run average variable cost curve at its minimum point.
The demand for a monopoly's output is p = 200 - Q. The monopoly's production function is Q = 2L, and the market wage is $4. How many units of labor will the monopolist employ at its profit maximization level of output?
A) L = 49.5 B) L = 4623 C) L = 198 D) L = 10