Bette’s Breakfast, a perfectly competitive eatery, sells its “Breakfast Special” (the only item on the menu) for $5.00. The costs of waiters, cooks, power, food etc. average out to $3.95 per meal; the costs of the lease, insurance and other such expenses average out to $1.25 per meal. Bette should

Consider the following diagram where a perfectly competitive firm faces a price of $40. Figure 8.1 Refer to Figure 8.1. The profit-maximizing output is

Consider the following diagram where a perfectly competitive firm faces a price of $40. Figure 8.1 Refer to Figure 8.1. At the profit-maximizing level of output, total profit is

Joe owns a small coffee shop, and his production function is q = K1/2L1/2 where q is total output in cups per hour, K is the number of coffee machines (capital), and L is the number of employees hired per hour (labor).  Joe’s capital is currently fixed at K=64 machines, the price of K is $5 and the price of L is $8. What is the lowest cost to produce 240 cups per hour?

For the monopolist shown below, the profit maximizing level of output is:

*Questions 17-19 are based on the following quote from the biocentric individualist Paul Taylor: “It should be noted that although a species-population can be benefited or harmed, a species itself cannot.  The species Polar Bear…is a classification of a certain mammal, not an actual mammal or group of actual mammals.  The term ‘species’ is a class name, and classes have no good of their own, only their members do” (Respect for Nature, p. 69).

*Questions 27-29 are based on the following: In Wisconsin and other places, “garlic mustard”—a plant introduced from Europe—is considered an “invasive” species.  According to the United States Department of Agriculture (USDA), an invasive species is a species “that (a) is non-native (or alien) to the ecosystem under consideration, and (b) whose introduction causes or is likely to cause economic or environmental harm or harm to human health.”  Garlic mustard is particularly problematic because it quickly takes over in areas where it is dispersed, crowding out or inhibiting the growth of native plant and tree species. 

What is your favorite movie of all time?__________________________   You do not have to answer this question. It is worth zero points. It is just a marker to help distinguish the lab quizzes that have been graded and those that have not.

A motel owner has a bank loan for the business. The motel owner says the business has average daily revenue of at least $2,048. If the average is less than $2,048, the bank will charge the motel owner a higher interest rate on the loan.  A bank employee randomly selects 30 days during the last six months. The sample has a mean of $2,003 and standard deviation of $115.  At the 5% significance level and 29 degrees of freedom, is the average revenue less than $2048? What is your conclusion?

The nurse is administering warfarin (Coumadin) to a client. What is the antidote for this medication?