Over a typical month, Ying Liao will balance spending time on meals, work, entertainment, study, sleep, and so on by ensuring that there is equality among the marginal
a. factor costs of each market work activity
b. products of each market work activity
c. revenues from each of the products sold
d. wages of each hour worked
e. expected net utilities of each activity
E
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If when income increases by 2 percent and the price does not change, the quantity of airplane travel demanded increases by 6 percent, then the income elasticity of demand of airplane travel is ________
A) 0.33 B) 0 C) negative D) 3.00
If seller increases the price of the good and the total revenue increases, this implies that the demand for the product is elastic.
Answer the following statement true (T) or false (F)
Answer the following statements true (T) or false (F)
1. The average product can be calculated for any unit of input by dividing the total product by the marginal product. 2. If all inputs are increased by 25 percent and output by 35 percent, increasing returns to scale exist. 3. Implicit cost is an opportunity cost of doing business. 4. Opportunity cost and implicit cost are both explicit costs. 5. Marginal cost is the change in total cost that results from producing one less or one more unit of output.
The poverty rate is defined as the percentage of the
A) population that is exempt from paying federal income taxes. B) population who qualify to receive welfare payments and food stamps. C) labor force that is poor according to the federal government's definition of poverty. D) population that is poor according to the federal government's definition of poverty.