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Suppose the economy initially produces 3,300 bushels of wheat and 1,500 garments of clothing, which is represented by point A. Society then decides it wants to produce 1,000 more garments of clothing, so the economy moves from point A to point B.
Illustrate what is the opportunity cost of 1,000 garments of clothing in the range between points A and B?
Suppose that you can sell as much of a product (in integer units) as you like at $61 per unit. Your marginal cost (MC) for producing the qth unit is given by: MC=9q This means
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Suppose the market demand function is given by: Q=100-2P, where Q: total quantity, P: market price. And in this market there are two firms with MC=AV= $10. Find each of the fo
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