Suppose Always There Wireless serves 100 high-demand wireless consumers, who each have a monthly demand curve for wireless minutes of QdH = 200 - 100P, and 300 low-demand consumers, who each have a monthly demand curve for wireless minutes of QdL = 100 - 100P, where P is the per-minute price in dollars. The marginal cost is $0.25 per minute. Suppose Always There Wireless charges $0.30 per minute. If Always There Wireless charges the highest fixed fee that it can without losing the low-demand consumers, what is the profit from sales to each of the low-demand consumers?
B. $24.50
C. $33.00
D. $28.13
A. $28.00
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The four factors of production (or types of resources) are
a. land, labor, capital, and entrepreneurial ability. b. labor, capital, technology, and entrepreneurial ability. c. labor, capital, entrepreneurial ability, and money. d. land, labor, capital, and money.
Which of the following is an example of fiat money?
A) a cowry shell used as money on a South Pacific island B) a gold coin used as money in nineteenth century England C) a Federal Reserve Note used as money in the twenty-first century United States D) a pound of salt used as money in medieval France
Price of Good X(Px)Quantity of Good X(Qx)Own Price ElasticityTotal Revenue01000.000590-0.11450A80-0.258001570-0.4310502060-0.6712002550C125030B-1.5012003530-2.3310504020-4.00D4510-9.00450500-?0The demand function in the accompanying table is QXd = 100 ? 2PX. Based on this information, compute the own price elasticity of demand when PX = $25 (point C).
A. ?0.25 B. ?0.50 C. ?1 D. ?1.09
In the above figure, if the price level is 110
A. total expenditures exceed total planned expenditures. B. total planned production equals total expenditures. C. total planned production exceeds total expenditures. D. total planned production is less than total expenditures.