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Explain the difference between saving and investment as defined by a macro economist. Which of the following situations represent investment? Saving? Explain.
The chapter explains that Social Security benefits are increased each year in proportion to the increase in the CPI, even though most economists believe that the CPI overstates actual inflation.
Suppose a freeze in Florida destroys part of the Florida orange crop. a. Explain what happens to the price of oranges and the marginal product of orange pickers as a result of the freeze.
The makers of Tylenol pain reliever do a lot of advertising and have very loyal customers. In contrast, the makers of generic acetaminophen do no advertising, and their customers shop only for the low
Suppose that the president proposes a new law aimed at reducing heath care costs: All Americans are to be required to eat one apple daily.
Does a monopolistic competitor produce too much or too little output compared to the most efficient level? What practical considerations make it difficult for policymakers to solve this problem?
The U.S. government administers two programs that affect the market for cigarettes. Media campaigns and labeling requirements are aimed at making the public aware of the dangers of cigarette smoking
Beachfront resorts have an inelastic supply, and automobiles have an elastic supply. Suppose that a rise in population doubles the demand for both products (that is, the quantity demanded at each pric
Write a paragraph in which you describe the conditions under which a Web site could become profitable by relying exclusively on advertising revenue. In second paragraph
If the probability of a newborn child bieng female is 0.5, find the probability that in 100 births, 55 or more will be female.Use the normal distribution to approximate the binomial distribution.
If the price of a product is given by P(x)=(1024/x)+1500, where x represents the demand for the product, find the rate of change of price when the demand is 2.
Consider a perfectly competitive market with an upward sloping market supply curve. Explain the effects of a decrease in supply for the equilibrium price and quantity as well as the total amount of sp
Now suppose their school opens up a market for loanable funds in which students can borrow and lend among themselves at an interest rate r. What would determine whether a student would choose to be a
An economy is faced by exhaustion of an important natural resource at a time when it is introducing improved technology.explain how these events will effect the economy production possibility curve.
1) when inflation rises quickly, borrowers will be hurt or lenders if the actual inflation rate is less than the expected inflation then:
How does analysis of demand contribute to business decision making give your answer with reference to the responsibilities of a sales manager?
Assume that the price of silk ties in a perfectly competitive market is $17 and that the typical firm confronts the following costs: Quantity (ties per day) 0 1 2 3 4 5 6 7 8 9 10 Total Cost 17 24 33
According to the rule of 70, how long will it take for your income to double if you get a 5 percent raise every year? If you start work at the age of 23 earning $40,000 per year and get a 5 percent ra
Find the cross price elasticity between marijuana and cigarette. Interpret the result. d. Suppose the government increases the tax on cigarette such that its price soars by 20%
An economy is faced by the exhaustion of an important natural resource at a time when it is introducing improved technology.using a diagram how these events will affect the economy production possibil
What is the formula for measuring the price elasticity of supply? Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1200 boxes of apples instead o
The market for DVD’s has a supply and demand curve P’= 2Qs and P=42-Qd a. How many units will be traded at a price of $35? At $14? Which participants will be dissatisfied at these prices?
Finally, she can take an hour drive to out of town to a neighboring city and pay 84 for the suit. Hannah makes $85 dollars and hour where she works. She has time to take off work to purchase her suit,
If the market for alcoholic beverages is in equilibrium, then the drinking age is reduced from 21 to 18 what will happen to the equilibrium price and quantity of alcoholic beverages.
The majority of the world’s diamonds comes from Country A and Country B. Suppose that the marginal cost of mining a diamond is $1,000 per diamond and that the demand schedule for diamonds is as