Jon's income-consumption curve is a straight line from the origin with a positive slope. Now suppose that Jon's preferences change such that his income-consumption curve remains a straight line but rotates 15 degrees clockwise
Jon's demand curve for the good on the horizontal axis A) will shift left.
B) will shift right.
C) will not change.
D) might do any of the above.
B
Economics
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Refer to Figure 5-2. The size of marginal external costs can be determined by
A) S2 + S1 at each output level. B) the supply curve S1. C) the supply curve S2. D) S2 - S1 at each output level.
Economics
Company A manufactures a single automotive component. It had total revenue of $100,000 and an economic profit of $20,000 . What is the price of the component it manufactures?
a. ($100,000/quantity sold). b. ($100,000/quantity produced). c. ($100,000/quantity sold) ? average cost of the product d. ($100,000/quantity produced) ? average cost of the product
Economics