Refer to the table below. Using the technique cited in the previous question will result in an:
The following table illustrates alternative production techniques for producing 18 widgets that can be sold for $1 each for a total revenue of $18.
A. Economic loss of $2
B. Economic profit of $1
C. Economic profit of $2
D. Economic profit of $3
Answer: D
Economics
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If the elasticity of supply of TV sets is equal to 3, then a 10 percent increase in the price of a TV will
A) increase the quantity supplied by 3.33 percent. B) increase the quantity supplied by 30.0 percent. C) increase the quantity supplied by 0.33 percent. D) decrease the quantity supplied by 30.0 percent.
Economics
Refer to above figure. In the absence of trade, what is the country's consumer surplus?
What will be an ideal response?
Economics