Let the marginal product of capital (MPK ) be 6; the marginal product of labor (MPL) be 2; the price of labor is given by $10 . What will be the price of capital such that the isocost and the isoquant are tangent to each other?
a. $30
b. $3
c. $60
d. $6
A
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When there is a decrease in demand,
A. the demand curve shifts to the right of the original demand curve. B. the demand curve rotates clockwise. C. the demand curve shifts to the left of the original demand curve. D. the demand curve rotates counterclockwise. E. a lower price has increased the amount of the good that consumers will buy.
If the elasticity of demand for bagels is equal to 1, moving along the demand curve for bagels, an increase in price will: a. not affect the quantity purchased
b. decrease the quantity demanded and increase total revenue. c. decrease the quantity demanded and decrease total revenue. d. decrease the quantity demanded and leave total revenue unchanged.
Ida May Fuller was the first
A. person enrolled in a 401(k) retirement plan. B. director of the Social Security Administration. C. recipient of a Social Security check. D. person issued a Social Security number.
What is the aggregate demand curve? What is the character of its slope?
What will be an ideal response?