The neighborhood ice cream shop finds that when it charges $3 per ice cream cone, its total revenues are $90,000 . It has total variable costs of $30,000 and total fixed costs of $40,000 . From this we can infer the:
a. shop should be moved because the rent is too high.
b. price is less than average total cost.
c. economic profits are $20,000.
d. shop will be closed in the long run.
e. shop sells 10,000 ice cream cones.
c
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John loves to travel. He would never—but absolutely never! —turn down the opportunity to go on a trip. This means that, for John,
a. the total utility of travel always increases b. marginal utility of travel never decreases c. the law of diminishing marginal utility does not apply to travel d. marginal utility of travel is always zero e. for every next trip he takes, consumer surplus increases
Business cycles in the United States
A. Are similar in frequency and intensity. B. Are remarkably similar in length but vary greatly in intensity. C. Are similar in length, frequency, and intensity. D. Vary greatly in length, frequency, and intensity.
The mean and the median are closely related concepts. The median is the numerical value separating the higher half of your data from the lower half. You can find the median by arranging all of the observations from lowest value to highest value and picking the middle value? (assuming you have an odd number of? observations). Although the mean and median are closely? related, the difference between the mean and the median is sometimes of interest.
Suppose country A has five families. Their incomes are ?$10 comma 00010,000?, ?$20 comma 00020,000?, ?$30 comma 00030,000?, ?$41 comma 00041,000?, and ?$49 comma 00049,000. Country? A's median income is ?$ 3000030000?, and its mean income is ?$ 3000030000.?(Round your responses to the nearest dollar.?) Suppose country B also has five families. Their incomes are ?$10 comma 00010,000?,?$20 comma 00020,000?, ?$30 comma 00030,000?, ?$41 comma 00041,000?, and ?$149 comma 000149,000. Country? B's median income is ?$ 3000030000?, and its mean income is ?$ nothing. ?(Round your responses to the nearest dollar.?)
Which of the following transactions would represent an addition to a nation's current gross domestic product?
A. Ms. Smith purchases a share of stock in an automobile company. B. A retailer increases her stock of imported shoes. C. The government increases its domestic purchases of food for use by the military. D. A corporation sells shoes from last year's inventory. E. A mother sells her car to her daughter.