For which of the following commodities are consumers usually willing to pay a premium to save time?

The above figure shows the isoquants for producing steel. When producing more than 20,000 tons there are

A) increasing returns to scale. B) decreasing returns to scale. C) constant returns to scale. D) economies of scale.

Refer to Scenario 15.3. Which of the following would raise $X?

A) Lower current income B) Lower expected growth in income C) Lower mortality rates D) Lower interest rates E) Higher age at time of death