_________________ is the best capital budgeting measure

The most important goal of the firm is to

Fast Copy is a perfectly competitive firm. The figure above shows Fast Copy’s cost curves. The current market price is 2 cents per page. With no change in demand and technology, in the long run, the price will

Total variable cost is the sum of all

Read each quotation and paraphrase. Then select the problem with each paraphrase. 1. Quotation: “The Canadian Employment Ministry in June 2014 announced that fast-food, retail and hotel industries could not obtain new low-wage, low-skilled temporary foreign workers if the jobless rate in their region exceeds six percent. Canadian employers can have a maximum of 30 percent temporary foreign workers in 2014, 20 percent in 2015, and 10 percent in 2016.” Source: Migration News. UC Davis. October 2014, Volume 21, Number 4. Web. 27 March 2015. Paraphrase: According to the Canadian Employment Ministry, fast-food, retail, and hotel industries couldn’t get low-wage workers in 2014 if the Canadian jobless rate exceeds six percent. During that year, Canada could employ a maximum of 30 percent foreign workers. Problem: [1] 2. Quotation: “By the late 1990s, the US was taking in about 1m immigrants a year: 730,000 legal immigrants, 200,000 illegal aliens and about 100,000 refugees. About 70% of legal immigrants are admitted for the purposes of family reunification.” Source: Hall, Ben. “Immigration in the European Union: problem or solution?” OECD Observer ©Prospect Magazine, June 2000 / OECD Observer No 221–222, Summer 2000. Paraphrase: Of the approximately one million immigrants to the United States in the late 1990s, most were legal, numbering 730,000. Seventy percent of those came to the U.S. to be reunited with family members. At that same time, refugees to the U.S. numbered roughly 100,000 while 200,000 immigrants were considered illegal. Problem: [2] 3 Quotation: “Rapid growth in the black immigrant population is expected to continue. The Census Bureau projects that by 2060, 16.5% of U.S. blacks will be immigrants.” Source: Anderson, Monica. “A Rising Share of the U.S. Black Population Is Foreign Born.” Pew Research Center. 9 April 2015. Web. 1 April 2015. Paraphrase: The Census Bureau says that 16.5% of the U.S. population will be black by 2060 because it’s growing so rapidly, according to the Pew Research Center. Problem: [3]

The law of diminishing returns states that as

The figure above shows a perfectly competitive firm. When the firm maximizes its profit, its total revenue is

Perfect competition implies that

In the long run, perfectly competitive firms make zero economic profit (their owners earn a normal profit) because

  Labor (workers per day) Total product (pizzas per day) 0 0 1 10 2 25 3 37 4 45 5 50 Based on the production data for Pat’s Pizza Parlor in the above table, the marginal product of the 4th worker is ________ pizzas.