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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
Johns goes to a football game and buys a ticket for $75. He has to take off two hours of work to go to the game. he earns $15/hr at work. His drive to the game requires $7 in gas. Given this informati
Are better than budget deficits over the long run because unlike budget deficits, they increase saving and investment.
The market demand is given by Q=320-8P. Monopolist's MC=10. a. Calculate the profit maximizing monopoly output and price. b. What is the Lerner-Index of market power for this monopoly
Points Given constant quantities of all other factors of production, when additional units of a variable factor of production add less and less to total output, then the firm is experiencing:
All investors will prefer a portfolio with expected return 10% and standard deviation 6% to a portfolio with expected return 10% and standard deviation 8%. as true or false, and explain.
Which of the following flows from the government to the households, according to the circular flow diagram? A)Goods and services
If the inflation rate is 18%, the nominal rate of interest on the CD is 24%, and the interest is taxable (at a rate of 25%), what is the after-tax real interest rate on the CD? Hint: first calculate t
Which of the following observations is true of the federal budget between 1960 and 2010? A)The federal budget was in deficit in the early 1960s