Which of the following would be of particular interest to a microeconomist?
a. The price of fruit the typical household consumes.
b. The nation's inflation rate.
c. The nation's rate of unemployment.
d. The budget of the national government.
e. The growth of the economy.
a
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Which is the true statement?
A) A society does not need an authoritative central plan to generate order and cooperation. B) A society will fall into social chaos without an authoritative central plan. C) An economic system can last only if guided by a central economic plan. D) Both B and C are true.
A firm is employing capital and labor such that the marginal product of capital is 30 and the marginal product of labor is 10
If the price of a unit of capital is $50 and the price of a unit of labor is $10, is the firm minimizing its costs? If not, can you recommend a change for the firm to make in its relative amounts of labor and capital used? Explain.