All of the following would affect the position of the supply curve for cranberries, except the:
a. Cost of fertilizers for cranberry production
b. Development of a new pest control for cranberries
c. Price of agricultural land for cranberries
d. Popularity of cranberry drinks
d. Popularity of cranberry drinks
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Suppose that the money multiplier is 3. If the monetary base increases by $1 million, the quantity of money will
A) increase by $3 million. B) increase by $333,333. C) decrease by $3 million. D) decrease by $333,333.
The figure above shows the market for milk. If the efficient quantity of milk is produced, the consumer surplus is
A) $100. B) $400. C) $200. D) $600.
The income that includes a household's earnings in addition to cash transfers from the government is called
A) market income. B) real income. C) money income. D) cash income.
Ayanna grows herbs. Last year she grew 2,000 pounds of herbs in a year while using 250 square feet of land and 1 worker. This year she doubled her land to 500 square feet, doubled her workers to 2, and grew 4,500 pounds of herbs
She sells her rare, organic herbs for $50 a pound. She pays her workers $25,000 a year and rents her land for $100 per square foot for a year. These are her only costs. a) What was Ayanna's total cost last year and this year? b) What was Ayanna's average total cost last year and this year? c) Did Ayanna experience economies or diseconomies of scale?