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ECO 500 FINAL EXAMS

14/04/2020 Client: wyncastaly Deadline: 2 Day

The main role of economic profits is to:

signal where resources are most highly valued by society

     allow firms to cover their production costs

     allow consumers to cover their opportunity cost

     None of the statements associated with this question are correct

If the interest rate is 3 percent, the present value of $900 received at the end of three years is:

     $891.

     $823.63.

     $799.64

     $983.45

The optimal amount of exercise is determined by comparing:

     marginal benefit and the total cost of exercise.

     total benefit and the marginal cost of exercise.

     marginal benefit and the marginal cost of exercise.

     total benefit and the total cost of exercise.

Suppose the market supply for good X is given by QXS = -200 + 5PX. If the equilibrium price of X is $100 per unit then producers' revenue from X is

     $100.

     $300.

     $30,000.

     cannot be determined from the information contained in the question.




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