A firm has $200 million in total revenue and explicit costs of $190 million. Suppose its owners have invested $100 million in the company at an opportunity cost of 10 percent interest rate per year. The firm's economic profit is:

If marginal product is decreasing what can we say about what is happening to average product? Explain

What will be an ideal response?

Economists have found that some risky behaviors increase and preventative medicine use decreases when individuals in the U.S. turn 65 and qualify for Medicare (public health insurance). This phenomenon is most consistent with which of the following concepts?

a. Moral hazard b. Time inconsistency c. Availability bias d. Confirmation bias