Producer surplus: a. is the difference between the maximum amount a person is willing to pay for a good and its current market price. b. is the difference between the true value of a product and the amount the firm wants to receive. c. represents the minimum amount a firm must receive for a particular product in order to be able to produce the product . d. is the difference between the current market price and the cost of production for the firm.

Based on the supply and demand theory, why do medical doctors earn higher wages than child-care workers?

Your debit card is stolen, and you report it to your bank within two business days. how much money can you lose at most? a. $500 b. $25 c. $50 d. $150

Suppose life expectancy in years (l) is a function of two inputs, health expenditures (h) and nutrition expenditures (n) in hundreds of dollars per year. the production function is upper l equals ch superscript 0.40 baseline upper n superscript 0.60l=ch0.40n0.60. beginning with c = 1, a health input of $400400 per year (hequals=44) and a nutrition input of $400400 per year (nequals=44), show that the marginal product of health expenditures and the marginal product of nutrition expenditures are both decreasing. the marginal product of health expenditures when h goes from 44 to 55 is nothing, and the marginal product of health when h goes from 66 to 77 is nothing. (round your answers to three decimal places.)