Question on economic cost
Select the right answer of the question. Which of the following is not an economic cost? A) wages. B) rents. C) economic profits. D) normal profits.
When price changes for fresh peaches don’t modify total revenue to peach farmers, then the price elasticity of demand for peaches: (w) constant beside a linear demand curve. (x) infinity (the demand curve is horizontal). (y) uni
The quantity dinner salads demanded is 100 everyday while Café Les Gourmands charges a price of $1.80, although when price drops by $1, quantity demanded is one hundred fifty. The price elasticity of demand for dinner salads at such restaurant
1) Identify and explain the chief economic factors which determine the price of a good or service. Please include how demand and supply interact and elasticity, etc. Also give examples with graphs.
According to the equality standard of income distribution: (i) an equal distribution of income maximizes society’s economic welfare. (ii) income must be divided in proportion to need. (iii) income must be commensurate with productivity. (iv) fac
A uniform resource price paid for any resource which has an aggregate supply curve which is less than perfectly elastic generates an: (1) exploitation ratio. (2) investment surcharge. (3) accounting profit. (4) economic rent. (5) acce
Poverty is most unambiguously: (w) an absolute concept that is easily and precisely defined. (x) more prevalent in North America than elsewhere. (y) the absence of income sufficient to survive in reasonable comfort. (z) a relative concept when poverty
In an uncertain globe, people are supposed to try to make best use of their satisfaction by: (1) Determining in advance the mixture of goods that maximizes the utility and then purchasing this mix. (2) The procedure of trial and error. (3) Making marginal decisions ti
The _______ price for a lately issued bond signifies that the firm issuing the bond is paying the _______ interest rate to borrow the funds. (1) Lower; lower. (2) Lower; higher. (3) Higher; higher. (4) None of the above. The interest rate is fixed. Q : Total costs of profit-maximizing lumber This profit-maximizing lumber mill incurs total costs of approximately: (a) $2200 per day. (b) $3300 per day. (c) $4200 per day. (d) $5200 per day (e) $6200 per day. Q : Demand of goods people willing to buy The amount of goods which people are willing and capable to buy is termed as their: (i) Desires. (ii) Demands. (iii) Requirements. (iv) Needs. (v) Wants. Can someone please help me in finding out the accurate answe
This profit-maximizing lumber mill incurs total costs of approximately: (a) $2200 per day. (b) $3300 per day. (c) $4200 per day. (d) $5200 per day (e) $6200 per day. Q : Demand of goods people willing to buy The amount of goods which people are willing and capable to buy is termed as their: (i) Desires. (ii) Demands. (iii) Requirements. (iv) Needs. (v) Wants. Can someone please help me in finding out the accurate answe
The amount of goods which people are willing and capable to buy is termed as their: (i) Desires. (ii) Demands. (iii) Requirements. (iv) Needs. (v) Wants. Can someone please help me in finding out the accurate answe
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