Economics

Question 1

Marginal Cost Analysis Graph

A marginal cost analysis graph with x axis Quantity and y axis Price. There are no units on the x or y axis, but assuming 0 to 10 for both axes. The marginal cost curve starts at 0, 4 and slopes down to 4, 2. It then rises from 4, 2 to 10, 10. There is a marginal cost line at extending from 0, 6 to 10, 6. The letters A to D are on the graph at the following locations: A 2, 2, B 6, 4, C 8, 6, D 10, 10.
© Jarry1250 2010
Creative Commons Attribution-Share Alike 3.0 Unported

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Trevor’s company makes fine chocolates. He has figured out how to maximize his profit What letter on the graph represents Trevor’s situation?

 


 

Question 2

Occupation Salary
Attorney $77,000
Software Engineer $63,000
Administrative assistant $33,000
Elemetary school teacher $40,000
Registered Nurse $53,000
Construction project manager $72,000

Which of these is likely true, based on the charted data?


 

Question 3

A table showing worker hours to produce one unit of two common resources. Canada can produce lumber in 5 and oil in 20 worker hours. Russia produces lumber in 10 and oil in 10 worker hours. Saudi Arabia produces lumber in 60 and oil in 5 worker hours. United States produces lumber in 10 and oil in 15 worker hours. Venezuela produces lumber in 40 and oil in 15 worker hours. A third column, Worker Hours to Produce Oil instead of Lumber, has question marks instead of numbers for each country.
© 2013 FLVS

Given the data in the chart, which two countries enjoy an absolute advantage in oil production over the United States?

 


 

Question 4

Merv’s Hardware, a small family-owned store in Middletown, sells a 100-pack of garnet sandpaper for $35. The Home Shoppe, a large retail hardware chain in neighboring Morristown, sells the same product for $29. Based on this scenario, what would you expect Merv’s immediate response to be?

 


 

Question 5

Marcie wants to work as a freelance editor. She purchases a desk, computer, widescreen monitor, and ergonomic keyboard. What kind of resources are these?