The costs of production do NOT include: A) Wages B) The Opportunity costs forgon
ID: 1097711 • Letter: T
Question
The costs of production do NOT include:
A) Wages
B) The Opportunity costs forgone by producing a given product
C) Costs of Purchase Capital
D) All of the above are costs of production
If the cross-price elasticity between ketchup and hamburgers is ?1.5, a 2 percent decrease in the price of ketchup will lead to a:
A) 3% increase in quantity demanded of ketchup
B) 3% decrease in quantity demanded of ketchup
C) 3% increase in quantity demanded of hamburgers
D) 3% decrease in quantity demanded of ketchup
An excise tax of $2.00 per pound of sugar placed on the suppliers of sugar would shift the supply curve:
A) Down by 20%
B) Down by more than $2.00
C) Up by $2.00
D) Up by less than $2.00
Suppose the production function is given by Q = 10K + 8L. What is the average product of capital when 2 units of capital and 10 units of labor are employed?
A) 10
B) 8
C) 50
D) 18
Suppose market demand and supply are given by Qd = 100
Explanation / Answer
The costs of production do NOT include:
D) All of the above are costs of production
If the cross-price elasticity between ketchup and hamburgers is ?1.5, a 2 percent decrease in the price of ketchup will lead to a:
A) 3% increase in quantity demanded of ketchup
An excise tax of $2.00 per pound of sugar placed on the suppliers of sugar would shift the supply curve:
D) Up by less than $2.00
Suppose the production function is given by Q = 10K + 8L. What is the average product of capital when 2 units of capital and 10 units of labor are employed?
D) 18
Suppose market demand and supply are given by Qd = 100
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