Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $12.50 what is the firm's economic profit?

Refer to the scenario above. If the rules of the gamble are changed such that in the case of heads, the individual wins $100, and in the case of tails, the individual loses $50, the expected value of the gamble changes to:

A) $0. B) $25. C) $50. D) $75.

Suppose the production possibilities for two countries, producing either food or clothing, are shown in the above figure. They can each produce any linear combination as well

Measuring food on the horizontal axis, the joint production possibility frontier has a horizontal intercept of A) 10. B) 20. C) 30. D) 50.