Refer to the information provided in Table 22.3 below to answer the question(s) that follow. Table 22.3 PointAggregate Income (Y)Aggregate Consumption (C) A 15 19 B 30 23 C 45 27 D 60 31 E 75 35 F 90 39The data in the table was used to estimate the following consumption function: C = 20 + 0.2YRefer to Table 22.3. The error for point D is equal to
A. -2.
B. -1.
C. +1.
D. +2.
Answer: C
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A. inelastic. B. unit elastic. C. elastic. D. perfectly elastic.
A horizontal demand curve for a firm implies that
A) the firm is a monopoly. B) the market the firm is operating in is not competitive. C) the firm is selling in a competitive market. D) the products of that firm are very different from other firms' products.
For a country producing two goods, the opportunity cost of one good will be the inverse of the opportunity cost of the other good
a. True b. False Indicate whether the statement is true or false
By comparing marginal revenue and marginal cost, a firm in a competitive market is able to adjust production to the level that achieves its objective, which we assume to be
a. maximizing total revenue. b. maximizing profit. c. minimizing variable cost. d. minimizing average total cost.