Author Question: In order for a taxicab to be operated in New York City, it must have a medallion on its hood. ... (Read 94 times)

dollx · **on:** Jul 1, 2018

In order for a taxicab to be operated in New York City, it must have a medallion on its hood. Medallions are expensive, but can be resold, and are therefore an example of

A) a fixed cost.
B) a variable cost.
C) an implicit cost.
D) an opportunity cost.
E) a sunk cost.

Question 2

Refer to Table 5.4. If outcomes 1 and 2 are equally likely at Job A, then the standard deviation of payoffs at Job A is

A) 1.
B) 10.
C) 40.
D) 50.
E) 60.