Lauren likes to have 2 bottles of sports drink (X) when she plays 3 hours of basketball (Y). Her preferences are represented by the following utility…
September 3, 2020
Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a specific year.1. Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a specific year. If the firm sold 4,000 units of its output at $300 per unit, its accounting profits were: A. $100,000 and its economic profits were zero. B. $200,000 and its economic profits were zero. C. $100,000 and its economic profits were $100,000. D. zero and its economic loss was $200,000. 2. Which of the following is a short-run adjustment? A. A local bakery hires two additional bakers. B. Six new firms enter the plastics industry. C. The number of farms in the United States declines by 5 percent. D. BMW constructs a new assembly plant in South Carolina.
September 3, 2020

Given the information provided: What is the price of Good X? What is the priceof Good Y? How did you find your answers?

5—6F Use the following graph showing a consumer’s budget line and some indifference curves toanswer the following questions. The consumer’s income is $600. 1 r MI“ 30 20‘- QuaanH‘ 10 — Hl 0 1U 2U 31] H] 50 Quanlilyotx

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