The average total cost curves for plants A, B, C and D are shown in the above figure. Which plant is best to use to produce 80 units per day?
A) plant A
B) plant B
C) plant C
D) plant D
C
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You took a summer job as a salesperson in a shoe store with the knowledge that you will either make $2,000 or $3,500 with probabilities 0.4 and 0.6 respectively. What is your expected income for the summer job?
A) $2,000 B) $3,000 C) $5,000 D) $2,900
A normal good has a ________ income elasticity of demand and quantity demanded ________ as income rises
A) negative; increases B) negative; decreases C) positive; increases D) positive; decreases
The aggregate demand curve:
A. shows the relationship between the overall price level and the level of total demand. B. shows the price level on the horizontal axis and output on the vertical axis. C. is upward-sloping, which is counter to the individual demand curve. D. shows the relationship between the price of goods and services and the level of total demand.
What is the equilibrium quantity (QE) and price (PE) in the U.S. bottled water market?
Suppose that the U.S. market for bottled water is modeled as follows: S = MSC = 1 + 0.3Q D = MSB = 5 – 0.1Q, whereQ is billions of gallons per year and MSC and MSB are in dollars per gallon.