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 SUM that is calculated from all the error points from the table is equal to
A. +9.
B. +11.
C. +31.
D. +81.
Answer: C
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A business incurs the following costs per unit: Labor - $5/unit; Materials $3/unit and rent - $5000/month. If the firm produces 100 . units a month, the total variable costs equals
a. $5,000 b. $8,000 c. $13,000 d. $10,000
In managerial economics, agency costs refer to
a. booking travel arrangements b. model and actor representation c. imperfections in dealing with those hired d. foreign espionage
Which of the following is the best example of a public good?
a. Apples. b. Cars. c. Education. d. National defense.
In response to a cost-reducing technological breakthrough in the production of its product, a profit-maximizing monopolist will normally:
A. decrease the price it charges for its product. B. increase its output and practice price discrimination. C. increase price and decrease production. D. not change its level of output or price.