The downward-sloping portion of the marginal cost curve is the only portion that matters in production

Consider two individuals, Wendy and Jenny, who discount delayed utilities with a weight of 1/4 and 7/8, respectively. Consuming one hamburger gives both Wendy and Jenny benefits worth 16 utils instantly and has delayed costs of 20 utils

a) If the nearby hamburger shop is closed for a week, comment on whether both individuals will consume hamburgers after a week. b) If a new shop is opened nearby, and hamburgers are available for consumption today, comment on whether both individuals will consume hamburgers.

Consider a manufacturing operation that uses specialized machinery and labor to produce its output. In this case, the input that is not fixed in the short run is labor

Indicate whether the statement is true or false