In Myanmar​, six ​laborers, each making the equivalent of $3.00 per​ day, can produce 40 units per day. In China​, ten ​laborers, each making the equivalent of $2.00 per​ day, can produce 45 units. In Billings, Montana​, two ​laborers, each making $60.00 per​ day, can make 100 units. Based on labor cost per unit​ only, the most economical location to produce the item is

Highland company produces a lightweight backpack that is popular with college students. standard variable costs relating to a single backpack are given below

What is the relationship between marginal external cost, marginal social cost, and marginal private cost? a. marginal social cost equals marginal private cost plus marginal external cost. b. marginal private cost plus marginal social cost equals marginal external cost. c. marginal social cost plus marginal external cost equals marginal private cost. d. marginal external cost equals marginal private cost minus marginal social cost. marginal external cost a. is expressed in dollars, so it is not an opportunity cost b. is an opportunity cost borne by someone other than the producer c. is equal to two times the marginal private cost d. is a convenient economics concept that is not real

In microeconomics, the point at which supply and demand meet is called the blank price