Assume it takes 10 units of labor to produce 4 units of output. When the price of labor is $6 per unit and fixed costs equal $60, what is the total cost of those 4 units of output?

Suppose that a market has the following supply and demand equations:

Demand: QD = 380 - 10p Supply: QS = 80 + 5p If the government imposes a specific tax of ? on suppliers, what will be the price buyers pay and sellers receive, quantity, and government revenue from the tax (as functions of ?). What tax level maximizes the revenue the government collects from the tax?

Many student government candidates at colleges and universities propose rent controls on local rental housing as a way to help students afford rental housing. Economic theory suggests that this policy would harm students as a whole despite the fact that some students who are able to find housing at the reduced price would benefit. Which of the following are some of the offsetting secondary

effects of the rent controls that would work to the disadvantage of students? a. There would be a shortage of rental housing, making it very difficult for students to find places to rent and causing increased discrimination in the rental housing market. b. There would be a reduction in the quality of rental housing. c. There would be a reduction in the future supply of rental housing. d. All of these would be secondary effects of the rent controls.