Other things constant, if tuition at a private university rises from $40,000 to $45,000 and revenue for the university decreases, the demand for the good must be

If Pat can produce a good or service at a lower opportunity cost than Chris can, then

a. Pat has a comparative advantage in producing the good or service b. no gains are possible through specialization c. Pat must have an absolute advantage in producing the good or service d. Pat must be more talented than Chris e. society is at a point along its production possibilities frontier

A fishing boat owner sells her entire catch of 8,000 fish and maximizes profit that is equal to $4,000 . Suppose fish prices increase and you are asked to calculate her profit knowing that she now sells 10,000 fish. If fish prices increased by $1 per fish, what do you need to know to calculate her new profit level?

a. average fixed cost b. average variable cost c. change in average total cost d. marginal cost e. average total cost