Calculate the firm's total profit.
Total profit = Total Revenue - Total cost [or (P - ATC) x Q = ($44 - 30) x 5 = $70; but again, this is different than $220 - $150]
(When output = 5) = $220 - $150
= 70
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Use the following table shows values of annual real GDP per capita over time. Use it to answer the next question.1810$1,5001860$2,1001910$3,9001960$18,0002010$43,600What was the change in real GDP per capita between 1810 and 2010?
A. $43,600 B. $42,100 C. $69,100 D. $45,100
One reason for the rise in the natural rate of unemployment from 1960 to 1980 is
A) changes in the demographic composition of the work force. B) the decline in inflation. C) increased competition from foreign workers. D) the depreciation of the dollar relative to foreign currencies.
The United States Postal Service is an example of a monopoly created by
a. government franchise. b. copyright. c. control of scarce inputs. d. rent-seeking behavior.
A tax on U.S. imports of Chinese-made tires is likely to:
a. reduce the price of tires for the domestic buyers for tires in the U.S. b. reduce the volume of imports c. increase the volume of imports d. have no effect on the volume of imports