The lowest price Jacob will accept from Harold for a bushel of ...

[mckennatimberlake]

The lowest price Jacob will accept from Harold for a bushel of corn produced in his farm is 5 . The transaction will go through if:
 a. Harold's valuation is less than Jacob's.
  b. Harold's valuation is greater than 5.
  c. Jacob's opportunity cost is greater than Harold's.
  d. Jacob's opportunity cost is equal to Harold's.

Question 2

With expansion in the level of output, total fixed cost:
 a. declines but remains positive.
  b. increases.
  c. falls to zero.
  d. remains constant.
  e. becomes negative.

[harveenkau8139]

Answer to Question 1

B

Answer to Question 2

d

[mckennatimberlake]

Thanks for the timely response, appreciate it

[dantucker]

Great answer, keep it coming