Goods that are excludable include both

Figure 21-4 In each case, the budget constraint moves from BC-1 to BC-2. Refer to Figure 21-4. Which of the graphs in the figure could reflect a simultaneous increase in the price of good X and decrease in the price of good Y?

A city wants to raise revenues to build a new municipal swimming pool next year. The mayor suggests that the city raise the price of admission to the current municipal pools this year to raise revenues. The city manager suggests that the city lower the price of admission to raise revenues. Who is correct?

Figure 15-6 Refer to Figure 15-6. How much output will the monopolist produce?

Ryan sells 200 plastic ball point pens at $0.50 each. His total costs are $25. His profits are

A bakery would be willing to supply 500 bagels per day at a price of $0.50 each. At a price of $0.80, the bakery would be willing to supply 1,100 bagels. Using the midpoint method, the price elasticity of supply for bagels is about

A macroeconomist – as opposed to a microeconomist – would study

Scenario 13-6Ziva is an organic lettuce farmer, but she also spends part of her day as a professional organizing consultant. As a consultant, Ziva helps people organize their houses. Due to the popularity of her home-organization services, Farmer Ziva has more clients requesting her services than she has time to help if she maintains her farming business. Farmer Ziva charges $25 an hour for her home-organization services. One spring day, Ziva spends 10 hours in her fields planting $130 worth of seeds on her farm. She expects that the seeds she planted will yield $300 worth of lettuce. Refer to Scenario 13-6. Ziva’s accounting profit from farming equals

Hamid spends an hour studying instead of watching TV with his friends. The opportunity cost to him of studying is

Refer to the figure above. Which of the curves is most likely to represent average fixed cost?