If the total cost of production for 1000 widgets is $2000 and marginal cost is constant at $1, what is the average fixed cost for the 1000 widgets?

A (very, very small) country produces milk and shirts and its production possibilities frontier is in the table above

a. The nation is currently producing at point B. What is the opportunity cost of two additional gallons of milk? At point C? At point D? What do your results show? b. Suppose the nation is initially producing 4 gallons of milk and 40 shirts. What is the opportunity cost of 2 additional gallons of milk? Explain your answer.

Compare and contrast the classical and Keynesian schools of thought for the following economic issues. (a) The flexibility of wages and prices. (b) The importance of macroeconomic policies

What will be an ideal response?