A fishing boat owner sells her entire catch of 8,000 fish and maximizes profit that is equal to $4,000 . Suppose fish prices increase and you are asked to calculate her profit knowing that she now sells 10,000 fish. If fish prices increased by $1 per fish, what do you need to know to calculate her new profit level?
a. average fixed cost
b. average variable cost
c. change in average total cost
d. marginal cost
e. average total cost
C
Economics
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Refer to Scenario 12.2. Explain why the situation described in the scenario is neither a prisoner's dilemma nor a battle of the sexes
What will be an ideal response?
Economics
The marginal expenditure curve for labor is based on the assumption that
A) the most productive workers are hired first. B) the wage rate is independent of the quantity of labor employed. C) the market supply curve for labor is infinitely elastic. D) all workers are paid the same wage rate. E) none of the above
Economics