Consider the following plot representing a firm selling cars. Q represents the quantity of cars they’re selling and P represents the price they can charge. The plot shows three isoprofit curves and the demand curve they face. At the profit-maximizing point, which of the following is true?

Suppose a firm’s profit function is given by the equation:

What is the firm’s average cost when Q=5?

Consider the following plot representing a firm selling cars. Q represents the quantity of cars they’re selling and P represents the price they can charge. The plot shows three isoprofit curves and the demand curve they face. At the profit-maximizing point, which of the following is true?

The figure shows a demand curve for Cheerios. Based on this figure, which of the following statements is correct?

Bruno is a landowner and Angela is a farmer who pays a share of her grain output to Bruno for the use of the land. Angela and Bruno’s feasible frontier is downward sloping and concave, while Angela’s reservation indifference curve is downward sloping and convex (as shown in the figure). If Bruno has all the bargaining power, read the following statements and select the correct one.

Suppose, in Game 1, Jack places two $5 bills into two envelopes (one in each). But just before he gives the envelope to each recipient, he is told that actually each dollar given to one of the recipients (call this recipient Person A) will become $2 and each dollar given to the other recipient (call this recipient Person B) remains the same (i.e. will not be doubled).

Do you agree with the following statement?

“It would be Pareto improvement if Jack gives both envelopes (i.e. $10 in total) to Person A and leave nothing to Person B.“

Ali and Bilal are two neighboring farmers. Ali must decide whether to grow rice or cotton in this Kharif season, whereas Bilal must decide between rice, cotton, and maize. Their payoff matrix is given below. Based on the given information, read the following statements and select the correct one.

The total effect is a decline in __X__ left shoes purchased. The number X is: (Enter a whole number, with no special characters like dollar signs, and no letters.)

The substitution effect is a decline in __Y__ left shoes purchased. The number Y is: (Enter a whole number, with no special characters like dollar signs, and no letters.)

The income effect is a decline in __Z__ left shoes purchased. The number Z is: (Enter a whole number, with no special characters like dollar signs, and no letters.)