Refer to Scenario 10.9. What is the profit maximizing level of output?
A) 0
B) 30
C) 45
D) 60
E) none of the above
B
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In recent years, average household income in the United States was highest for households headed by someone aged
A) 35 to 44. B) 45 to 54. C) 55 to 64. D) 65 and over.
Ariana withdrew $400,000 out of her personal savings account and used it to start her new Internet cafe. The savings account pays 3 percent interest per year. During the first year of her business, Ariana sold 2,000 cups of coffee for $2.50 per cup and 4,000 hours of Internet time, also at $2.50 per hour. During the first year, the business made monetary outlays of $9,000 . You may assume that
there is no opportunity cost to Ariana's time. Ariana's economic profit for the year was a. $-394,000. b. $-6,000. c. $3,000. d. $6,000.
The present value of a payment to be made in the future falls as
a. the interest rate rises and the time until the payment is made increases. b. the interest rate rises and the time until the payment is made decreases. c. the interest rate falls and the time until the payment is made increases. d. the interest rate falls and the time until the payment is made decreases.
When it comes to enacting policy changes, loss aversion often leads to status quo bias because:
A. the resistance from those who stand to lose from the policy often overwhelms the support from those who stand to gain. B. people's estimates of their gains from the policy are often too large. C. people's estimate of their losses from the policy are often too small. D. the support from those who stand to gain from the policy often overwhelms the resistance from those who stand to lose.