High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour.Number of WorkersChairs Produced Per Hour00110218324428530For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $120?
A. 0
B. 5
C. 3
D. More than 5
Answer: A
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When there are external economies of scale, an increase in the size of the market will
A) increase the number of firms and lower the price per unit. B) increase the number of firms and raise the price per unit. C) decrease the number of firms and raise the price per unit. D) decrease the number of firms and lower the price per unit. E) not affect the number of firms, but will lower the price per unit.
Suppose that the demand curve D m for medical services can be characterized by the equation M = 2000 - P, where M is the amount of medical services received per year and P is the price. Suppose further that P 0 is constant at 800.
(a) Find the equilibrium quantity of services at P 0 . (b) Find the equilibrium quantity of services when there is only a co-payment of 20% required such that the price is 0.2P 0 . (c) How much additional expenditures induced by insurance are created?
If net taxes are included in the model, the equation that shows consumption at each level of income is: C = a + b(Y - T) or C = a + bY - bT
a. True b. False
If we consider the equation PAE = A + bY the part of the equation that relates to autonomous sources of spending is:
A. PAE B. Y C. A D. b