ECON 2010 FINAL

Table total cost and output the table describes barts

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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 firm produce? A) Three B) One C) Four D) Two 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. A) True B) False 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 B) Preferences C) A budget line D) Utility 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 A) $0 B) $...
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