One principle that nearly all economists agree on when defining money is that it should be
a. spendable.
b. liquid.
c. accepted as payment.
d. easily transferable.
e. All of the above are correct.
e
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If we know the amount of total cost, average total cost, average variable cost, and marginal cost for each level of output, how can we find the level of output where the marginal product is the greatest?
A) It is the output for which the marginal cost equals average variable cost. B) It is the output for which the total cost is maximized. C) It is the output for which the marginal cost is minimized. D) It is the output for which the marginal cost equals average total cost. E) There is no way to find where marginal product is the greatest knowing only cost data.
Based on this new information, what is Willy's "expected loss" due to an accident, provided that he installs the equipment?
Assume all of the information from Question #10 above, with one exception: Willy has the option of installing additional safety equipment that will reduce the probability of an accident to 10%. A. $20,000 B. $50,000 C. $100,000 D. $125,000