Exploring Microeconomics
8th Edition
ISBN: 9781544339443
Author: Sexton, Robert L.
Publisher: Sage Publications, Inc., Corwin, Cq Press,
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Question
Chapter 3, Problem 5P
To determine
(a)
The transactions take place in the factor market or in the product market.
To determine
(b)
The transactions take place in the factor market or in the product market.
To determine
(c)
The transactions take place in the factor market or in the product market.
To determine
(d)
The transactions take place in the factor market or in the product market.
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Students have asked these similar questions
Clancy is a hard-working college senior. One Sunday, he decides to work nonstop until he has answered 100 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem.
Time
Total Problems Answered
8:00 AM
0
9:00 AM
40
10:00 AM
70
11:00 AM
90
Noon
100
The marginal, or additional, gain from Clancy’s first hour of work, from 8:00 AM to 9:00 AM, is problems.
Which one of the following variable, the firm can influence directly?
a.
Store location
b.
Consumers
c.
Technology
d.
Competition
Vintage Camera T Temple MIS G is
You have the following data for product X: sales
revenue $14,000, allocated fixed costs $12,000,
variable costs $20,000. You cannot increase the price
of product X or improve the production process to
increase profitability. What should you do about
product X?
O do nothing - unprofitable products are just one of the
costs of doing business
O keep the product both in the short term and in the long
term
O keep the product in the short term and drop it in the long
term
O drop the product both in the short term and in the long
term
O drop the product in the short term and keep it in the long
term
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