Refer to the information provided in Table 8.5 below to answer the question(s) that follow.
Table 8.5Number of SwordsTVCMCAVCTFCTCAFCATC0???? 50??1?25?????2??????47.503??23.33????4????150??5135??????Refer to Table 8.5. If Phoebe produces three Swords, her total variable costs are
A. $13.33.
B. $70.
C. $87.50.
D. $112.25.
Answer: B
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The gross domestic product of Neonland is 450,000 neons. It has a total population of 1,500. 30% of the total population in Neonland comprises of retired workers, 50% of the population is employed, and the remaining are unemployed children
i) Calculate the income per capita of Neonland. ii) What is the income per worker of Neonland? iii) Is there a difference between the two measures? If yes, explain the reason behind this difference.
Refer to Table 4-3. The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of cowboy hats is $35, The Waco Kid will produce
A) 1 hat. B) 2 hats. C) 3 hats. D) 4 hats.
In the United States, to count as unemployed, you must:
A. actively looking for work. B. be younger than 65 years old. C. be skilled enough to hold a job. D. All of these are true.
In long-run equilibrium, monopolistic competition entails:
A. an efficient allocation of resources. B. an overallocation of resources due to inadequate capacity. C. an underallocation of resources due to excess capacity. D. production at the minimum attainable average total cost.