Homework Answers
22. Option B
Explanation: Economic resources are optimally used and benefit is maximized when the marginal benefits equals the marginal costs.
23. Option A
Explanation: In the market, consumers who are willing to pay the highest price would receive the goods.
24. Option D
Explanation: Nominal values are measured in the current dollars.
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QUESTION 22 Economic Efficiency can be attained when a. marginal cost is zero b.marginal benefit equals...
10. A company can achieve a pure benefit or economic benefit only when: a) The marginal...
10. A company can achieve a pure benefit or economic benefit only when: a) The marginal cost is equal to the marginal revenue b) The marginal cost is equal to the price. c) The average total cost is less than the average income. d) Net income is growing e) None of the above. 11. When the company is manufacturing and selling a volume of production such that the average total cost is equal to its average income, that company: a)...
19. The marginal external cost of dumping wastewater into a watershed is $100 per unit of effluent. Efficiency can be a...
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A monopoly produces widgets at a marginal cost of $10 per unit and zero fixed costs....
A monopoly produces widgets at a marginal cost of $10 per unit and zero fixed costs. It faces an inverse demand function given by P = 50 − Q. Which of the following is the marginal revenue function for the firm? Select one: a. MR = 50 − 2Q b. MR = 100 − Q c. MR = 60 − 2Q d. MR = 50 − Q In producing the efficient amount of a public good, government should take into...
Question Completion Status: QUESTION 1 exists in society. When I benefit because you increase your education a ca....
Question Completion Status: QUESTION 1 exists in society. When I benefit because you increase your education a ca. positive private cost b. positive private benefit C. negative externality d. positive externality QUESTION 2 When a positive externality is present the market will produce a. too little and charge more than a fair market value price. b. too little product and charge less than a fair market value price. C. an efficient amount and charge a fair price. d. too much...
Question Completion Status: QUESTION 19 When the government increases tariffs production switches from low-cost foreign producers...
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7. How can cost benefit analysis help explain why people are more likely to overeat at...
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and P1-4 (similar to) Question Help Marginal cost benefit analysis and the goal of the firm...
and P1-4 (similar to) Question Help Marginal cost benefit analysis and the goal of the firm Ken Allen, capital budgeting analyst for Bally Gears, Inc., has been asked to evaluate a proposal. The manager of the automotive division believes that replacing the robotics used on the heavy truck gear line will produce total benefits of $593,000 (in today's dollars) over the next 5 years. The existing robotics would produce benefits of $369.000 (also in today's dollars) over that same time...
QUESTION 17 Suppose a firm produces pollution when it generates electricity. The cost of the pollution...
QUESTION 17 Suppose a firm produces pollution when it generates electricity. The cost of the pollution is called the private marginal cost. social marginal cost. marginal cost. external marginal cost QUESTION 18 Someone smoking in a crowded room is an example of a positive production externality. a negative production externality. a negative consumption externality. not an externality QUESTION 19 The cyclical deficit is the portion of the deficit created by business cycle fluctuations in GDP that is the result of...
Public Goods EBE2053/EXERCISE 5 1. A pure public good is: a. one that can easily be...
Public Goods EBE2053/EXERCISE 5 1. A pure public good is: a. one that can easily be sold by the unit. b. one that is nonrival in consumption. c. one whose benefits are not subject to exclusion. d. both (b) and (c) 2. The marginal cost of providing a certain quantity of a pure public good to an additional consumer after it is provided to any one consumer is: a. zero. b. positive and increasing. c. positive and decreasing. d. positive...
please provide detailed step by step solution Microeconomics Question in Microeconomics 19) The term Utility in...
please provide detailed step by step solution
Microeconomics
Question in Microeconomics
19) The term Utility in economics refers to A) government provided goods like electricity B) ease of use C he want satisfying power experienced from a good, service or human he change in benefit from producing one additional unit of information limiting a person's ability to purchase a good or service is determined by: 20) 20) The objective information limi A) their preferences the prices they pay for the...
10. A company can achieve a pure benefit or economic benefit only when: a) The marginal cost is equal to the marginal revenue b) The marginal cost is equal to the price. c) The average total cost is less than the average income. d) Net income is growing e) None of the above. 11. When the company is manufacturing and selling a volume of production such that the average total cost is equal to its average income, that company: a)...
19. The marginal external cost of dumping wastewater into a watershed is $100 per unit of effluent. Efficiency can be achieved by levying an effluent fee at a) a rate high enough to stop firms from dumping altogether. b) the firms' current marginal willingness to pay to dump. c) $100. d) None of the above. 20. An economy is efficient if a) resources are employed where they have highest economic value. b) the marginal willingness to pay (MWTP) for a...
Question Completion Status: QUESTION 1 exists in society. When I benefit because you increase your education a ca. positive private cost b. positive private benefit C. negative externality d. positive externality QUESTION 2 When a positive externality is present the market will produce a. too little and charge more than a fair market value price. b. too little product and charge less than a fair market value price. C. an efficient amount and charge a fair price. d. too much...
Question Completion Status: QUESTION 19 When the government increases tariffs production switches from low-cost foreign producers to high-cost domestic producers, wasting resources domestic producers buy more of the good, increasing the gains from trade domestic producers produce more output, increasing the gains from trade deadweight losses are eliminated because foreign producers sell below their product cost QUESTION 20 As a result of tariffs, domestic producers tend to • gain more than domestic consumers lose • spend less money on lobbying...
7. How can cost benefit analysis help explain why people are more likely to overeat at all you can eat buffets than at restaurants where we pay for extra portions? a. At all-you-can-eat buffets, the food always tastes better, so people eat more. b. The marginal cost of additional food is lower at all-you-can-eat buffets since they don't charge for a second helping of food. c. Marginal benefit is always less than marginal cost for food at all-you-can-eat buffet d....
and P1-4 (similar to) Question Help Marginal cost benefit analysis and the goal of the firm Ken Allen, capital budgeting analyst for Bally Gears, Inc., has been asked to evaluate a proposal. The manager of the automotive division believes that replacing the robotics used on the heavy truck gear line will produce total benefits of $593,000 (in today's dollars) over the next 5 years. The existing robotics would produce benefits of $369.000 (also in today's dollars) over that same time...
QUESTION 17 Suppose a firm produces pollution when it generates electricity. The cost of the pollution is called the private marginal cost. social marginal cost. marginal cost. external marginal cost QUESTION 18 Someone smoking in a crowded room is an example of a positive production externality. a negative production externality. a negative consumption externality. not an externality QUESTION 19 The cyclical deficit is the portion of the deficit created by business cycle fluctuations in GDP that is the result of...
please provide detailed step by step solution
Microeconomics
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19) The term Utility in economics refers to A) government provided goods like electricity B) ease of use C he want satisfying power experienced from a good, service or human he change in benefit from producing one additional unit of information limiting a person's ability to purchase a good or service is determined by: 20) 20) The objective information limi A) their preferences the prices they pay for the...
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