Andy spends $30 a week on movies and magazines. The price of a movie is $8, the price of a magazine is $2, and Andy sees 3 movies a week and buys 3 magazines
The price of a magazine increases to $4 and Andy's brother gives him $6 a week so that he can still see 3 movies a week and buy 3 magazines. In this situation, Andy will see ________ movies a week and buy ________ magazines. A) fewer than 3; fewer than 3
B) 3; 3
C) fewer than 3; more than 3
D) more than 3; fewer than 3
D
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The figure above shows the production possibilities frontier for a country. In order for it to produce at point E, the
A) country would need to acquire more resources and/or more advanced technology. B) production of compact cars would need to decrease. C) production of SUVs would need to decrease. D) country would need to use its resources more efficiently. E) country would need to determine that compact cars and SUVs are equally important to it.
Is it possible for the average fixed cost curve to have the shape depicted above? Explain
What will be an ideal response?