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Output Total cost ($)
0 24
1 33
2 41
3 48
4 54
5 61
6 69
Refer to the above data. The total variable cost of producing 5 units is:
At the beginning of June, Bezco Toy Company budgeted 5,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials $50,000 Direct labor 36,000 Total $86,000 The standard materials..
Propose to the class an amendment to the U.S. Constitution. Be sure to make an argument supporting your proposed amendment.
The "interest-only" mortgage typically converts later to a:
Suppose that individual A’s utility function, which only depends on wealth (W), is defined asU(W) = W0.5 ,where W stands for her/his wealth. Suppose her/his initial wealth is $10,000, and there is a 20% chance that she may get sick. In the event of i..
Assume that the unemployment rate is 7% and GDP is $4,000 billion. What is a rough estimate of the potential GDP if the NAIRU is 5%? Assume that potential GDP is growing at 3% annually. What will potential GDP be in 2 years? How fast will actual GDP ..
Explain what makes it the most effective economic system. Identify an example of the system being used in history. Explain what you perceive as the most effective economic system.
If the price elasticity of a good is less than 0 but greater than -1, the good is considered _____________ and the company should ____________ price to maximize total revenue.
If the disease is not actually? present, the probability of a positive test result? (indicating that the disease is? present) is 0.03.
The Laspeyres price index uses the old quantities for the weights. In the base year, good 1 cost $2 and good 2 cost $1. The current price of good 1 is $7 and the current price of good 2 is $2. In the base year, the consumption bundle was (x1b,x2b) = ..
Part 1: How does specialization lead to economies of scale? Part 2: Distinguish diminishing returns from diseconomies of scale. Why do some firms experience diseconomies of scale?
A manufacturer of small plastic injection molded parts (caps, closures, fitments and pipettes) was experiencing static electricity problems during various steps in their molding and handling operations. The static caused the plastic parts to cling to..
List as many reasons as you can for why a firm would want to differentiate its products from its competitors. Why might a firm choose a product similar.
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