The cost function is:
a. a means for expressing output as a function of cost
b. a schedule or mathematical relationship showing the total cost of producing various quantities of output
c. similar to a profit and loss statement
d. incapable in being developed from statistical regression analysis
e. none of the above
b
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Total utility can be thought of as the
A. total satisfaction derived from a bundle of goods. B. minimum amount of money a consumer is willing to spend on a bundle of goods. C. additional satisfaction a consumer receives from the marginal unit of a good. D. willingness to pay for the marginal unit of a good.
Excise taxes are a form of sales tax
a. True b. False Indicate whether the statement is true or false
When a tax is imposed on a good, consumer surplus decreases and producer surplus remains unchanged
a. True b. False Indicate whether the statement is true or false
Suppose one year ago the price index was 120 and Maria purchased $20,000 worth of bonds. One year later the price index is 126 . Maria redeems her bonds for $22,700 and is in a 40 percent tax bracket. What is Maria's real after-tax rate of interest to the nearest tenth of a percent?
a. 5.1 percent b. 3.1 percent c. 2.1 percent d. 2.4 percent