Refer to the table below. What is Crunchy Fruits total marginal cost to produce 10,500 units
Crunchy Fruits makes dried fruit snacks. Crunchy Fruits has a multi-plant firm with two production facilities. The table above summarizes the marginal cost of production at the individual plants and the corresponding quantity produced at the individual plants.
A) $.075
B) $2.25
C) $1.75
D) $1.0
C) $1.75
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People who attend college for four years in order to equip themselves to earn higher incomes in later life are
A) discounting the future at a higher rate than do people who don't attend college. B) giving up future satisfaction for the sake of current satisfaction. C) ignoring the fact that future income has less value than current income. D) investing in human capital. E) revealing a high rate of time preference.
Assume the price elasticity of demand for a product is -4. In this case, the firm's optimal markup is (approximately):
A) 400 percent. B) 100 percent. C) 33 percent. D) 25 percent.
To determine whether a market is perfectly competitive, economists examine the
A. number of firms in the market. B. similarities among the products of the different firms in the market. C. ease of entry and exit by firms in the market. D. All of the responses are correct.
If city officials expect that an increase in bus fares will raise mass transit revenues, they must think that the demand for bus travel is
a. elastic b. unit elastic c. inelastic d. perfectly inelastic e. -10