The following price-quantity coordinates for gold used by U.S. dentists were observed: P = $875/ounce, Q = 342,000 . P = $200/ounce, Q = 706,000 . These points most likely lie along the
a. supply curve for gold for dental use.
b. demand curve for dental use.
c. equilibrium curve for dental use.
d. production possibilities curve for dental use.
b
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The Lorenz curve shows what portion of total money income is accounted for by
A) different proportions of a country's households. B) only the wealthiest citizens. C) only poor people. D) taxpaying citizens only.
Suppose you manage a firm with two production plants. The marginal product of labor at plant 1 is MP1 = 1400 - L1 where L1 is the number of workers employed in plant 1. The marginal product of labor at plant 2 is MP2 = 2000 - L2 where L2 is the number of workers employed in plant 2. Given that you have 1,000 workers, what is the best allocation of workers between the two plants?
What will be an ideal response?