The following question relate to a community that is circular in nature with a one mile circumference. There are 81 people evenly distributed around the lake where the town is built. The travel cost is $10 per mile, a restaurant costs $100 to set up, and the cost per meal is $2. Sketch two total cost curves as functions of the number of restaurants. The first one is the total cost of meals per day and the second is the total cost of transportation per day. Plot five points for each curve. Round off small residuals to the nearest whole number.
What will be an ideal response?
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Which of the following is a valid argument for protection?
A) national defense B) fair trade C) creation of employment D) All of the above
Whom does the Bureau of Labor Statistics include in the discouraged workers group?
a. All those between 16 and 65 who are neither disabled nor in an institution and are also neither employed nor seeking employment. b. Civilian labor force members who have chosen early retirement because they dislike their work or think the pay is too low. c. Members of the noninstitutional population who say they want to be employed but aren't searching for a job. d. Members of the civilian labor force who are looking for a job but cannot find one. e. Anyone in the population who is not working.
Which of the following countries has medium to high levels of trade by world standards but in 2008 had a moderate trade deficit?
a. Germany b. Japan c. United Kingdom d. Sweden
Marginal revenue is defined as the
a. total revenue minus total cost b. change in total revenue divided by the change in the quantity of output c. price minus average total cost d. total revenue over the quantity of output e. quantity times price