What are the functions for MC and AC if TC = 40 + 10q + 5q2?
A) MC = 10q; AC = 10 + 5q
B) MC = 10 + 10q; AC = 40/q + 10 + 10q
C) MC = 10 + 10q; AC = 40/q + 10q2
D) MC = 20 + 10q; AC = 40/q + 10q
B
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Who wrote the 1936 book titled The General Theory of Employment, Interest, and Money?
Answer the following questions true (T) or false (F)
1. Consider a country that produces only two goods: bird feeders and binoculars. Suppose it is possible for this country to increase its production of bird feeders without producing fewer binoculars. In this case, its current output combination is inefficient. 2. Any output combination along a production possibility frontier is associated with overused or unattainable resources. 3. A decrease in the labor force shifts the production possibilities frontier inwards over time.