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Unformatted text preview: s losing money to keep produce
25. (Table: Total Cost and Output) The table describes Bart's perfectly competitive ice
cream-producing firm. If the market price is $67.50, how many units of output will the
26. Because Americans eat a lot of meat, and because meat production uses more resources
to produce than other types of food, food production in the U.S. is inefficient.
27. In the theory of the firm, we use "isoquants". Breaking down the term we have "quant"
as in "quantity," and "iso" as in "one," meaning every point on an isoquant corresponds
to the same quantity. The analogous concept in regards to consumer theory is_______.
A) An Indifference curve
C) A budget line
28. My demand curve for cigars, per day, is C=10-2P, where P is the price of a cigar and C
is the number of cigars I buy and smoke. Assume the current price is $5/cigar. My total
willingness-to-pay for cigars is
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- Fall '07