Evaluate The main role of economic profits

The main role of economic profits is to:
signal where resources are most highly valued by society
allow firms to cover their production costs
allow consumers to cover their opportunity cost
None of the statements associated with this question are correct
If the interest rate is 3 percent, the present value of $900 received at the end of three years is:
$891.
$823.63.
$799.64
$983.45
The optimal amount of exercise is determined by comparing:
marginal benefit and the total cost of exercise.
total benefit and the marginal cost of exercise.
marginal benefit and the marginal cost of exercise.
total benefit and the total cost of exercise.
Suppose the market supply for good X is given by QXS = -200 + 5PX. If the equilibrium price of X is $100 per unit then producers’ revenue from X is
$100.
$300.
$30,000.
cannot be determined from the information contained in the question.

Other things held constant, the higher the price of a good
the lower the demand.
the higher the demand.
the greater the consumer surplus.
the smaller the consumer surplus.
If cars are a normal good, what do you suppose would happen to price and quantity of a car during an economic recession?
Price would increase and quantity decrease.
Price and quantity would both increase.
Price and quantity would both decrease.
Price would decrease and quantity increase
The responsiveness of consumer demand to changes in income is called:
income elasticity.
own price elasticity.
cross-price elasticity.
neither the income elasticity, the own price elasticity, nor the cross-price elasticity.

A firm derives revenue from two sources: goods X and Y. Annual revenues from good X and Y are $10,000 and $20,000, respectively. If the price elasticity of demand for good X is −2.0 and the cross-price elasticity of demand between Y and X is 3, then a 5 percent increase in the price of X will:
increase total revenues from X and Y by $2,500.
decrease total revenues from X and Y by $2,500.
decrease total revenues from X and Y by $3,500.
increase total revenues from X and Y by $3,500.The main role of economic profits is to:
signal where resources are most highly valued by society
allow firms to cover their production costs
allow consumers to cover their opportunity cost
None of the statements associated with this question are correct
If the interest rate is 3 percent, the present value of $900 received at the end of three years is:
$891.
$823.63.
$799.64
$983.45
The optimal amount of exercise is determined by comparing:
marginal benefit and the total cost of exercise.
total benefit and the marginal cost of exercise.
marginal benefit and the marginal cost of exercise.
total benefit and the total cost of exercise.
Suppose the market supply for good X is given by QXS = -200 + 5PX. If the equilibrium price of X is $100 per unit then producers’ revenue from X is
$100.
$300.
$30,000.
cannot be determined from the information contained in the question.

Other things held constant, the higher the price of a good
the lower the demand.
the higher the demand.
the greater the consumer surplus.
the smaller the consumer surplus.
If cars are a normal good, what do you suppose would happen to price and quantity of a car during an economic recession?
Price would increase and quantity decrease.
Price and quantity would both increase.
Price and quantity would both decrease.
Price would decrease and quantity increase
The responsiveness of consumer demand to changes in income is called:
income elasticity.
own price elasticity.
cross-price elasticity.
neither the income elasticity, the own price elasticity, nor the cross-price elasticity.

A firm derives revenue from two sources: goods X and Y. Annual revenues from good X and Y are $10,000 and $20,000, respectively. If the price elasticity of demand for good X is −2.0 and the cross-price elasticity of demand between Y and X is 3, then a 5 percent increase in the price of X will:
increase total revenues from X and Y by $2,500.
decrease total revenues from X and Y by $2,500.
decrease total revenues from X and Y by $3,500.
increase total revenues from X and Y by $3,500.