Suppose you were working for Richstone's bakery and calculating whether the bakery was making a profit, considering the recent increase in rent. You have the following data: P = $20, AVC = $10, AFC = $12, and quantity of birthday cakes produced a day is 20 . You conclude that the bakery ends up at the end of the day with a
a. loss of $10
b. profit of $10
c. loss of $20
d. profit of $40
e. loss of $40
E
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The town of Marble Falls has 10 workers, of which 8 were employed and 2 were actively seeking work. After many months of seeking work, both of the unemployed workers became discouraged and stopped looking for work six weeks ago
The unemployment rate in Marble Falls is now A) 0%. B) 11.1%. C) 20%. D) 25%.
The United States imports television sets from Japan. The table above contains the U.S. demand and U.S. supply schedules for television sets. The world price of a television set is $600 per set
a. With no trade, what is the domestic price and quantity of television sets? b. At the world price, what is the quantity of sets demanded in the United States? c. At the world price, how many sets are produced in the United States? d. At the world price, how many sets are imported into the United States? e. What is the opportunity cost of producing the 4-millionth television set in the United States? In Japan?