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Suppose that the learning effect coefficient in the production of wrist watches is -0.2. If the average cost of producing the first watch is $100, what will be the average cost of producing the 40th w
The owner of a fast-food restaurant estimates that she can produce and sell 1,000 additional hamburgers per day by renting more automated equipment at a cost of $100 per day.
Which of the following properly describe the Aggregate Supply (AS) Curve in the Keynesian view? a) the AS curve is almost nearly vertical representing a full employment of the economy's factors of pro
The city of Falls Church, Virginia, subsidizes trees planted in homeowners' front yards when they are within 15 feet of the street. a. Using concepts in the chapte
The elasticity of demand for a product is likely to be greater (Points : 2) the smaller the number of substitute products available. the smaller the proportion of one's income spent on the product
Recently, however, a major competitor launched a new line of athletic shoes. The firm now revises sales forecast downward to 14,000 units, with the unit contribution margin remaining the same. Should
Redraw the Demand curve (only) in a new diagram. Demonstrate the Total Revenue change geometrically and indicate the Loss and Gain areas between the prices of $6 and $2 (Price has moved UP from $2 to
Although the U.S. does not have the highest saving rate in the world, Americans save more money than citizens of every other country
If the income elasticity of a particular good is negative 0.2, it would be considered 1) a superior good 2) a normal good 3) an inferior good 4) an elastic good
T-Shirt Enterprises is selling in a purely competitive market. It is producing 3,000 units, selling them for $2 each. At this level of output, the average total cost is $2.50 and the average
Suppose that the market for coffee is initially in equilibrium. Suppose that a technological improvement lowers the cost of producing coffee. At the same time, consumers' preferences for coffee increa
Southern Oil Company produces two grades of gasoline: regular and premium. The profit contributions are $0.30 per gallon for regular gasoline and .50 per gallon for premium gasoline.
The plant will cost $10,000,000 to build, has an annual operating expense of $600,000, and must be renovated every 20 years at a cost of $1,000,000. The trust fund earns 6% interest. What amount must
On December 29, the cost of a skiing trip to Finse, Norway, was 6,500 krone. Two weeks later, the American dollar appreciated against the Norwegian krone. If the price of the trip in Norway remains th
Government-enforced prices such as price ceilings a) are only imposed on goods where market price has no useful function b) aid in the rationing function performed by prices in a market system
The company currently has 95,000 subscribers and proposes to raise its monthly fees to $39.95 to cover add-on features such as text messaging, song downloads, game playing, and video watching. What is
Consider the following production function for combination of capital and labor, Q=f(L,K)=L^0.4*K^0.5. Is this function homogeneous in K and L?In the long-run, does it exhibit increasing, constant, or
A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won't buy it because they don't like the taste. From an economic perspecti
A food chain charges higher prices for its products in poorer neighborhoods compared to the ones in affluent communities. Give your opinion on why this occurs. Provide support for your response.
The price mechanism would be least important under which kind of economic system? a) capitalism b) socialism c) communism d) fascism
Different in that France has a command system while Ireland has a market system Different in that Ireland has a command system while France has a market system
Cool-Aire Corporation manufactures a line of room air conditioners. Its break- even sales level is 33,000 units. Sales are approximately normally distributed.
The supply function for good X is given by Qxs = 1,000 + Px - 5Py - 2Pw, where Px is the price of X, Py is the price of good Y and Pw is the price of input W
Jen left a job paying $75,000 per year to start her own florist shop in a building she owns. The market value of the building is $100,000. She pays $30,000 per year for flowers and other supplies