QUESTION 9 A firm's value added equals its revenue minus all of its costs. its revenue minus its wages. its revenue minus its wages and profit. ies revenue minus its cost of intermediate goods. O none of the above QUESTION 10 Suppose that you are provided with the following data for your country for a particular month 200 million people are working 20 milion are not working but are looking for work, and 40 milion are not working and have given up looking for work. The official unemployment rate for that month is O7.7% O 23 QUESTION 11 The labor force in the United States is defined as the total number of individuals who are employed. the sum of the total number of individuals who are employed and the officiallunemployed. the sum of the total number of individuals who are employed, the officially unemployed, and discouraged workers the total number of individuuals who are 16 years old and older, but not retired. none of the above

QUESTION 9 A firm's value added equals its revenue minus all of its costs. its revenue minus its wages. its revenue minus its wages and profit. ies revenue minus its cost of intermediate goods. O none of the above QUESTION 10 Suppose that you are provided with the following data for your country for a particular month 200 million people are working 20 milion are not working but are looking for work, and 40 milion are not working and have given up looking for work. The official unemployment rate for that month is O7.7% O 23 QUESTION 11 The labor force in the United States is defined as the total number of individuals who are employed. the sum of the total number of individuals who are employed and the officiallunemployed. the sum of the total number of individuals who are employed, the officially unemployed, and discouraged workers the total number of individuuals who are 16 years old and older, but not retired. none of the above

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: The Cost Of Production

Section: Chapter Questions

Problem 6PA

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Similar questions

Continuing from Exercise 7.1, the films factory sits on land owned by the firm that it could rent for 30,000 per year. What was the films economic profit last year?
Do you think that the taxicab industry in large cities would be subject to significant economies of scale? Why or why not?
A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.
What is the relationship between marginal product and marginal cost? (Hint: Look at the curves.) Why do you suppose that is? Is this relationship the same in the long run as in the short run?
Suppose you have a team of two workers: one is a baker and one is a chef. Explain why file kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert.
How do we calculate marginal product?
Based on your answers to the WipeOut Ski Company in Exercise 7.3, now imagine a situation where the firm produces a quantity of 5 units that it sells for a price of 25 each. What will be the companys profits or losses? How can you tell at a glance whether the company is making or losing money at this price by looking at average cost? At the given quantity and price, is the marginal unit produced adding to profits?