Assume that an economy experiences both positive population growth and technological progress. Once the economy has achieved balanced growth, we know that the capital per effective worker ratio (K/NA) is
A) growing at a rate of ? + gA + gN.
B) growing at a rate of gA + gN.
C) growing at a rate of gN.
D) growing at a rate of gA.
E) none of the above
A
Economics
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The tasks performed by the chef at your favorite restaurant could be categorized as
A) a good. B) an economic good. C) a service or intangible good. D) All of the above are correct.
Economics
Assume that you know the following cost information about Fred's widget company: Its fixed cost is $9, and its total variable cost is $6 for 1 unit; $11 for 2; $ 15 for 3; 20 for 4; and 26 for 5 . Given the above information, a. the marginal cost of providing the second unit is $5. b. the total cost of producing 4 units is $29
c. the average total cost of producing five units is $7. d. all of the above are true.
Economics