Russell spends an hour studying instead of playing tennis.
What is the opportunity cost to him of studying?
A) the improvement in his grades from studying for the hour
B) the dierence between the improvement in his grades from
Kendra goes to a sushi restaurant for lunch and orders her
favourite dish: a dynamite roll. The price of a dynamite roll is
$7.50, but she would have been willing to pay as much as
$10.00. The restaurants incremental cost of producing a
Refer to the gure.
What is Q/P
when P = $4?
A) Q/P = +0.05
B) Q/P = 0.05
C) Q/P = +20
D) Q/P = 20
The demand for a particular good is described by the function:
QD = 100 2P. What is the price elastici
The without-tax supply schedule is
given on the right. What is the
quantity supplied if the market
price is $30 and producers are
taxed $10 on each unit produced?
You are the CEO of a small Canadian business that
manufactures custom titanium springs. You have about
20 competitors. The titanium you use generally accounts for
about 40% of your manufacturing costs. You can buy titanium
produced in Can
If the rancher chooses how many cattle to keep without regard
to the damage the cattle do to the farmers crops, how many
cattle will the rancher keep?
Assume a dollar of value from rasing cattle
When Pete Tong graduated with honours from the Canadian
Trucking Academy, his father gave him a $350,000
tractor-trailer. Recently, Pete was boasting that his revenues
were typically $25,000 per month, while his operating costs
If a competitive rm is currently producing a level of output at
which marginal cost exceeds marginal revenue, then which of
the following statements must be correct?
A) Average revenue exceeds marginal cost
B) The rm is earning a positive