To produce a firm's current output level, total cost is $600, and the total variable cost is $450 . Therefore, the firm has
a. a marginal cost of $150
b. sunk costs of $150
c. a marginal cost of $1,450
d. total fixed cost of $1,450
e. total fixed cost of $150
E
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Which of the following is an approach used by economists to calculate the value of a human life?
a. comparing the salaries of people who live in cities with more traffic lights to those who live in cities with fewer traffic lights b. comparing the wages of more risky occupations to less risky occupations c. comparing the costs of vehicles with safety features such as side-impact airbags to those without such safety features d. All of the above are correct.
The investment function is represented by
A. an inverse relationship between the interest rate and the value of planned investment. B. the inverse relationship between planned investment and unplanned investment. C. the direct relationship between planned investment and real GDP (gross domestic product). D. the direct relationship between the interest rate and the value of planned investment.