01:220:102 Study Guide - Midterm Guide: Fixed Cost, Consumer Choice, Demand Curve

• School: Rutgers University
• Department: Economic
• Course: 01:220:102
• Professor: All

Document Summary

Use the following to answer question 1: (total product and marginal product) look at the table total product and marginal. The marginal product of the fourth worker is ________ units: 90, 50, 20, 22. 5. If we measure music downloads on the horizontal axis and movies on the vertical axis, the vertical intercept of tom"s budget line is: 5, 1/2, 10, 2. Use the following to answer question 3: (table: three tax structure proposals) look at the table three tax structure proposals. If one wished to use a proportional or flat tax structure, one should use proposal. Sarah"s husband, an economist, claims sarah lost ,002 running her pottery studio. 3: (figure: the market for yachts) look at the figure the market for yachts. If the government imposes a ,000 tax on yachts (collected from the producers), the price of yachts will rise to ________ and the government will collect tax revenue equal to.