Refer to the information. If the price of product A is $0.50, the firm will realize:
Answer the question on the basis of the following information: Suppose 30 units of product A can be produced by employing just labor and capital in the four ways shown below. Assume the prices of labor and capital are $2 and $3 respectively.
A. an economic profit of $4.
B. an economic profit of $2.
C. an economic profit of $6.
D. a loss of $3.
B. an economic profit of $2.
Economics
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Preferences depend on
A) income but not relative prices. B) relative prices but not income. C) neither relative prices nor income. D) both relative prices and income.
Economics