Diminishing returns set in with the _____ worker.
5th
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Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each. Process(smoke/day) A(4 tons/day) B(3 tons/day) C(2 tons/day) D(1 ton/day) E(0 tons/day) Cost to Firm X ($/day) $500$514$530$555$585 Cost to Firm Y ($/day) $400$420$445$480 $520Cost to Firm z ($/day) $300$325$360$400 $550It would cost Firm X ________ to reduce emissions by one ton if it currently emits 3 tons, and ________ to reduce emissions by one ton if it currently emits 2 tons.
A. $14; $25 B. $14; $16 C. $30; $55 D. $16; $25
What is meant by the statement that "optimal decisions are made at the margin"?
What will be an ideal response?
According the principle of time inconsistency, the most important element of policy making is
a. predictability. b. transparency. c. credibility. d. judgment
The opportunity cost of a decision can be examined by using a:
a) production possibilities graph b) factors of production chart c) global trade-off grid d) graph of increasing costs