State and local tax receipts are dominated by
A) property taxes and state income taxes.
B) state income taxes and sales taxes.
C) property taxes and sales taxes.
D) sales taxes and business taxes.
Answer: C) property taxes and sales taxes.
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In economics, the demand for a good refers to the amount of the good that people
a. Will buy at alternative income levels b. Need to achieve a minimum standard of living. c. Will buy at various prices d. Would like to have if the good were free
Dan is the owner of a price-taking company that manufactures sporting goods. One particular facility Dan owns produces baseball bats and baseball gloves. His cost function for baseball bats is CB(QB, QG) = 100QB + QB2 + QBQG and the marginal cost is MCB = 100 + 2QB + QG, where QB is the output level for bats and QG is the output level for gloves. Dan's cost function for baseball gloves is CG(QB, QG) = 50QG + QG2 + QGQB, and the marginal cost is MCG = 50 + 2QG + QB. The price of a baseball bat is $240 and the price of a baseball glove is $150. If Dan were to shut down his production of bats and only produce gloves, what would be his profit-maximizing sales quantity of gloves?
A. 20 B. 25 C. 30 D. 50