Suppose the price of gold is $300 per ounce in the United States and 2,400 pesos per ounce in Mexico. If purchasing power parity holds then, if the price of oil is 200 pesos per barrel in Mexico, the price of oil is ________ per barrel in the United States.

If it costs Vijay $150 to design 5 Web sites and $175 to design 6 Web sites, then $175 is the marginal cost of producing the 6th Web site

Indicate whether the statement is true or false

What's true about both the short-run and long-run in terms of production and cost analysis?

a. In the short-run, one or more of the resources are fixed b. In the long-run, all the factors are variable c. The time horizon determines whether or not an input variable is fixed or not d. The law of diminishing returns is based in part on some factors of production being fixed, as they are in the short run. e. All of the above