Refer to Table 1-2. What is Julius's marginal cost if he decides to stay open for three hours instead of two hours?

Presently, GDP is ________ to compensate for the costs of environmental damage

A) adjusted on a chain-weight basis B) partially adjusted C) not adjusted D) fully adjusted

A company finds that at the output level at which marginal cost equals marginal revenue, TC = $500, TVC = $400, and TR = $450. Your advice to the firm is

A) shut down, as TC > TR. B) reduce output to reduce the cost of production. C) increase output to reduce the per unit cost of production. D) continue to produce because loss is less than TFC.