Refer to the short-run production and cost data. In Figure A curve (1) is:
A. total product and curve (2) is average product.
B. total product and curve (2) is marginal product.
C. average product and curve (2) is marginal product.
D. marginal product and curve (2) is average product.
C. average product and curve (2) is marginal product.
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When we use the midpoint method to compute the price elasticity of demand we use
A) the original quantity and the average price. B) the original price and the average quantity. C) the average price and the average quantity. D) either the original or new price, and the average quantity. E) the average price and the original quantity.
The unemployment rate is 10 per cent. The rate of job separation is 5 per cent. How high does the rate of job finding have to be to keep the unemployment rate constant?
A. 10 per cent B. 45 per cent C. 50 per cent D. 90 per cent