In the simple circular flow diagram, the flow of money from the markets for goods and services to the firms is called
a. spending.
b. revenue.
c. income.
d. wages, rent, and profit.
b
Economics
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Given the Production Function Q = 72X + 15X2 - X3, where Q = Output and X = Input
a. What is the Marginal Product (MP) when X = 8? b. What is the Average Product (AP) when X = 6? c. At what value of X will Q be at its maximum? d. At what value of X will Diminishing Returns set in?
Economics
According to Keynes, wages are inflexible because
A) of the minimum wage set by government. B) of unions and long-term contracts. C) workers do not behave in their own self-interest. D) the economy is never in the long run.
Economics