Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The average cost of the 5th T-shirt is
A) 2.
B) 12.
C) 52.
D) 60.
B
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Which of the following statements is NOT true about using per capita real GDP to measure a nation's economic growth?
A) The definition does not indicate how the increase in growth is being disturbed among the nation's population. B) The definition assumes that some of the increase in productivity goes to the poor. C) The definition is not perfect for measuring increases in a nation's productive capacity. D) The definition has understated actual economic growth because it does not take into consideration changes in leisure.
In the research that used the audit method to send out 5,000 realistic-looking resumes for advertised jobs in Boston and Chicago, which of the following was one of the results?
A) White names received roughly the same number of interview requests as black names. B) High-quality resumes with black names received no more interview requests than low-quality resumes with black names. C) High-quality resumes with white names received roughly the same number of interview requests as low-quality resumes with white names. D) All of the above reflect the results of the research.
Refer to the above table. What is the absolute price elasticity of demand if a price falls from $7.50 to $7?
A) 10 B) 1.38 C) 0.724 D) 0.1
The accountants hired by the Brookside Racquet Club have determined total fixed cost to be $75,000 . total variable cost to be $130,000 . and total revenue to be $125,000 . Because of this information, in the short run, the Brookside Racquet Club should
a. shut down because staying open would be more expensive. b. lower their prices to increase their profits. c. stay open because shutting down would be more expensive. d. stay open because the firm is making an economic profit.