Correct Answer: D. $ 125

Correct Answer: B. reduces the quantity consumed

Explanation

Marginal utility refers to the additional satisfaction a consumer derives from the consumption of an additional unit of a product. As more and more of a product is consumed by that consumer, the utility/satisfaction he gets reduces. Therefore, the marginal utility of a product is greater when a person has fewer of them, but as the accumulation of goods increases, the marginal utility of additional goods declines.

Correct Answer: B. selling price is below the short-run marginal cost

Correct Answer: D. subsistent farming

Correct Answer: A) All the accountant cost are covered but not all the economist cost

Explanation

This question is asking us to select the option that best defines normal profit. Normal profit is a term used in economics to refer to the minimum level of profit required for a business to stay in operation. It is the profit level where all the costs of production, including both the accountant costs (such as rent, wages, and materials) and economist costs (such as opportunity costs) are covered.

Option A is the correct option, as it says that all the accountant costs are covered but not all the economist costs. This means that the business is earning enough profit to cover all of its explicit costs (accountant costs) as well as some of its implicit costs (economist costs).

Option B is incorrect, as it states that all the economist costs are covered but not all the accountant costs.

Option C is also incorrect, as it says that more than economist costs are covered, which is not an accurate definition of normal profit.

Option D is also incorrect, as it says that none of the economist and accountant costs are covered, which is not the case for a business operating at a normal profit level.

In summary, normal profit is the minimum level of profit required for a business to stay in operation, where all the costs of production, including both the accountant costs and economist costs, are covered. Option A is the correct option that defines normal profit in this question.

Correct Answer: B. floating exchange rate

Correct Answer: C. mobility of labour

Correct Answer: B. the demand is the same as the supply

Explanation

Market equilibrium is a market state where the supply in the market is equal to the demand in the market. The equilibrium price is the price of a good or service when the supply of it is equal to the demand for it in the market

Explanation

(a)(i) Total product = Average product x Units of labour

36 = P x 3, P3 = 36 P = 36

P= \(\frac{36}{3}\) = 12

(ii) Q =Total product = \(\frac{60}{6} = 10

Labour

(iii) R = \(\frac{48-36}{4-3}\)

\(\frac{12}{12}\) = 1

(iv) S = \(\frac{60 - 60}{6 - 5} = \frac{0}{1}\) = 0

(v) T = \(\frac{56 - 60}{8 - 7}\) = \frac{-4}{1}\) = -4

(c) Both TP and MP rise initially. The TP curve is at maxi-mum when MP is zero.

TP declines after MP = 0 and MP assumes negative values

At N6 = 400 - 150 = 250 units

(c) Excess supply at prices N8, N9 and N10 .

Excess supplied at N8 = 400 - 250 = 150 units

at N9 = 500 - 150 = 350units

at N10 = 600 - 50 =550 units

(d) At price N7, Quantity is 300 units

Correct Answer: A. Manager Specialization

Explanation

The types of specialization are product, process, geographical/territorial specialization and specialization by sex or gender. Manager specialization can be categorized under process specialization because it is a situation whereby worker are specialized on a particular production process.