Refer to the information provided in Table 8.4 below to answer the question(s) that follow.
Table 8.4ProduceUsing TechniquesUnits of Variable KInputs L1 unit of outputA4 4?B2 6????2 units of outputA 7 6?B410????3 units of outputA 8 6?B 6 11Refer to Table 8.4. Assume that the relevant time period is the short run. Assuming the price of capital (K) is $10 per unit and the price of labor (L) is $5 per unit, this firm's total cost of producing one unit of output is
A. $50.
B. $60.
C. $110.
D. indeterminate from this information.
Answer: D
Economics
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Which of the following is an efficiency argument against the welfare state?
a. High marginal tax rates create large disincentives to work and lower overall production. b. It is fairer to tax those with higher incomes than those with lower incomes. c. The government has no right to force those with higher incomes to pay more taxes than those with lower incomes. d. Principles of social justice argue that society should take care of the poor.
Economics
Refer to Figure 7-1. Under autarky, the equilibrium price is
A) $54. B) $0. C) $24. D) $30.
Economics