1. Assume that two goods A and B are gross substitutes. If the price of A falls, this means that you will consume. of good B. a. More b. Less c. The same amount d. Ambiguous 2. If a worker's wage decreases, the substitution effect says their choice of leisure will while the income effect says it will a. Increase, decrease b. Decrease, increase c. Increase, increase d. Decrease, decrease 3. For a profit-maximizing monopsonist (only person hiring), they will hire labor until the MCE=MRPE. Consult the following table which I have started to fill out. What is the optimal number of workers for this firm to hire if their product sells for $15. Workers Wage MCE 0 3 0 1 2 3 4 5 a. 1 b. 2 c. 3 d. 4 9 21 30 39 3 15 *** ... *** Product/hour Revenue MPE MRPE N/A N/A 5 75 4 60 0 5 9 12 14 15 $0 $75 $135 *** ... .*** *** *** *** ... *** B E

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Financial Statements

Financial statements (or financial reports) are the formal records of the financial activities that are undertaken by a firm. They are convenient instruments used for analyzing a company’s financial position and performance. Financial ratios are created with the help of the numerical values that are derived from the financial statements. They give meaningful information about the financial performance of the company.