Use the Following Information to Answer the Questions
at the End

question 38

Multiple Choice

Use the following information to answer the Questions
At the end of the lease on their apartment, Abe and Bonnie decide to rent separate places and so must make a fair division of the property they purchased together. The items to be divided and the point values each person places on them are given below. $$\begin{array} { l l l } \text { Item } & \text { Abe's points } & \text { Bonnie's point } \\\text { Plant } & 10 & 10 \\\text { Bookcase } & 40 & 30 \\\text { Quilt } & 25 & 20 \\\text { Picture } & 25 & 40\end{array}$$
-If Abe and Bonnie use the adjusted winner procedure to divide the property, who gets the bookcase?

• A) Abe
• B) Bonnie

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Definitions:

Long-Run Average Cost Curve

A graphical representation showing the minimum average cost at which any output level can be produced when all inputs are variable in the long run.

Short-Run

A timeframe in economics where at least one input, such as capital or labor, is fixed, limiting the ability of businesses to adjust production immediately.

Tangent

In economics, it represents a point where two curves touch, often used in optimization problems to find equilibrium points.

Long Run

Refers to a period during which all factors of production and costs are variable, allowing full adjustment to production decisions.