Which of the following would NOT be directly included in the U.S. GDP in 2010?
A) the purchase of a new home in Atlanta, Georgia in 2010
B) the market value of the jet fuel bought by Delta to use for its flights in 2010
C) the market value of restaurant meals sold in 2010
D) the value of the automobiles produced in 2010 at the Toyota plant located in Georgetown, Kentucky
E) legal services provided to first time home buyers during 2010
B
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Refer to Table 1-6. What is Ivan's marginal cost if he decides to stay open for six hours instead of five hours?
A) $10 B) $20 C) $25 D) $91.67
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