The sum of the explicit and implicit costs incurred in the production process is called:
a. fixed cost.
b. sunk cost.
c. marginal cost.
d. total cost.
d
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Price elasticity of demand
What will be an ideal response?
Since 1970, the share of income in the
A. lowest quintile has increased and the share in highest has decreased. B. lowest quintile has decreased and the share in highest has increased. C. lowest quintile has increased and the share in highest has increased. D. lowest quintile has decreased and the share in highest has decreased.
The demand for good X has been estimated by Qxd = 12 ? 3Px + 4Py. Suppose that good X sells at $2 per unit and good Y sells for $1 per unit. Calculate the own price elasticity.
A. ?0.6 B. ?0.2 C. ?0.3 D. ?0.5
An anti-growth view would be that there may be a significant trade off between productivint and
What will be an ideal response?