A college student is thinking about running an ice-cream truck over the summer. Which of the following would likely be included in the total cost of the business?
A. The cost of ice cream cones
B. The cost of the truck
C. The opportunity cost of the student’s time
D. All of these would be included in total cost.
D. All of these would be included in total cost.
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Imagine a duopoly in which two firms, A and B, produce the monopoly profit-maximizing output and equally share the economic profit. If firm A increases output,
A) both firms' profits increase. B) firm A's profits increase and firm B's profits decrease. C) firm B's profits increase and firm A's profits decrease. D) both firms' profits decrease. E) firm A's profits increase and firm B's profits do not change.
Using the simple Keynesian model with a consumption function of C = 200 + .9Y, an $10 change in desired investment leads to a change in equilibrium income of
A) $10. B) $100. C) $20. D) $90.