Which of the following transactions would most likely require marginal thinking?
a. deciding how many cattle to buy at a livestock auction
b. choosing which animal to request for a puppy adoption
c. deciding whether to make an online purchase
d. choosing a painter for an art commission
a. deciding how many cattle to buy at a livestock auction
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A good or service with a positive externality is one which ______
A. everyone wants to have access to B. is produced in the social interest C. the marginal social benefit exceeds the marginal private benefit D. the marginal external benefit exceeds the marginal private benefit
A firm in an oligopolistic industry has the following demand and total cost equations:
P = 600 - 20Q and TC = 700 + 160Q + 15Q2 Calculate: a. quantity at which profit is maximized b. maximum profit c. quantity at which revenue is maximized d. maximum revenue e. maximum quantity at which profit will be at least $580 f. maximum revenue at which profit will be at least $580