A change in investment spending can affect supply as well as demand.  However, supply will not be affected if   a. the new equipment simply replaces old equipment b. the new equipment adds new technology c. the new equipment does not add new technology d. if no additional workers are hired along with the new equipment

Price ($) 1000 500 300 0 300 500 Supply Demand What is the total cost of producing 300 iPads? 1000 Quantity

Why do you think it is important for managers to understand the mechanics of short- and long-term supply and demand? Give examples of companies whose business has been helped or hurt by changes in supply or demand in the markets in which they have been competing.

Resource demand Select one: a. Does not depend upon the productivity of the resource b. Is a direct demand c. None of the answers are correct d. Is a relationship between price of product and cost of resource  e. Is a derived demand

An economist estimates the value of a nature preserve by calculating the price premium people pay for houses located adjacent to the preserve.  This is an example of what type of economic valuation?   a.   Hedonic pricing   b.   Replacement cost methods   c.   Contingent valuation   d.   Travel cost models   e.   Defensive expenditures

Long-run costs of production are generally lower than the short run costs because:   a. all inputs are fixed in the long run. b. firms cannot change their scale of production in the long run. c. there is greater flexibility in input usage in the long run.

According to a firm’s technology of production, you can take away 3 units of labor if you add 5 units of capital without changing production. The price of labor is $8 and the price of capital is $6. Assuming the firm’s MRTS is diminishing, this firm a. is minimizing cost at its current output level. b. should use more capital and less labor to lower the cost of producing its current output. c. should use less capital and more labor to lower the cost of producing its current output. d. should use less capital and less labor to lower the cost of producing its current output. e. None of above.

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