Iggie Took a University Teaching Job as an Assistant Professor

question 9

Multiple Choice

Iggie took a university teaching job as an assistant professor in 1980 at a salary of $15,000.By 2011,she had been promoted to full professor,with a salary of $70,000.If the price index was 82 in 1980 and 225 in 2011,then what is Iggie's 2011 salary in 1980 dollars?

• A)$25,511
• B)$52,073
• C)$40,140
• D)$41,159

Grasp the concept and effects of the law of diminishing returns in various sectors.

Understand the behavior of average fixed costs (AFC) as production levels change.

Interpret and analyze the flattening of U-shaped ATC curves and its implications on returns to scale.

Differentiate economic principles through theoretical and real-life examples, such as Adam Smith’s specialization principle and Parkinson's Law.

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Definitions:

Ideal Gas Law

The principle that the state of an ideal gas is determined by its pressure, volume, and temperature, described by the equation PV=nRT.

Gaseous System

A state of matter composed of particles that have neither a defined volume nor shape, often able to expand to fill any container.

Temperature

The average kinetic energy of particles within a substance, which shows the temperature level, defining its heat or coldness.

Mass Spectroscopy

An analytical technique that measures the mass-to-charge ratio of ions to identify and quantify molecules in a sample.