Answer the following questions true (T) or false (F)
1. The total cost schedule shows the relationship between different amounts of inputs and the resulting level of output.
2. If, after hiring the 6th worker, a firm's output falls, then the marginal product of the 6th worker is negative.
3. A downward sloping marginal product of labor curve demonstrates the law of diminishing marginal returns.
1. FALSE
2. TRUE
3. TRUE
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At a price of $100, Beachside Canoe Rentals rented 11 canoes. When it increased its rental price to $125, 9 canoes were rented. Calculate the absolute value of the price elasticity of demand for canoe rentals using the midpoint formula
A) 2 B) 1.25 C) 0.9 D) 0.75
The distinction between public health problems and private health problems becomes blurred when _____
a. externalities are positive b. preferences are quasi-linear c. health insurance is unavailable d. health care spending is from public coffers