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Revenue at a major cellular telephone manufacturer was $1.4 billion for the nine months ending March 2, up 97 percent over revenues for the save period last year. Management attributes the increase
Choose a product you have purchased in the past month from a clothing or shoe store. Describe how each of the 4 factors contributed to the elasticity of the good. Is the product considered elastic, in
For the first time in two years, Big G (the cereal division of General Mills) raised cereal prices by 2 percent. If, as a result of this price increase, the volume of all cereal sold by Big G droppe
he Einstein Bagel Corp. offers a frequent buyer program whereby a consumer receives a statmp each time she purchases one dozen bagels $5. After a consumer accrues 10 stamps, she receives one dozen b
The cost function per t-shirt is identified to be the following: y=ln(X+1). Fixed costs associated are a step function based on area needed. For each 1000 shirts, the cost associated with storage sp
The number of hours spent studying by students on a large campus in the week before final exams follows a normal distribution with a standard deviation of 8.4 hours.A random sample of these students
Compute the inflation rate for each year 1989 - 2006 and determine which were years of inflation. In which years did deflation occur In which years did inflation In which years did deflation occur I
Calculate a new consumer price index for the data in the following exhibit. Assume that current-year prices of Twinkies, fuel oil, and cable TV are $0.95/package, $1.25/gallon, and $15.00/month, re
If Michelle devotes all her resources to growing potatoes, she can raise 200 pounds of potatoes per year. If she devotes all her resources to raising chickens, she can raise 50 chickens per year.
How does the income approach to measuring GDP differ from the expenditure approach Explain the meaning of value added and its importance in the income approach. Consider the following data for the
Calculate a new consumer price index for the data in the following exhibit. Assume that current-year prices of twinkies, fuel oil and cable tv are $0.95/package, $1.25/gallon, and $15.00/month, resp
In a more typical situation, the government does not know the cost of pollution reduction for each firm. If the government decides to reach its overall goal by imposing uniform reductions on the fir
Given the following annual information about a hypothetical country, answer questions a through d. Billions of Dollars Personal consumption expenditures $200 Personal taxes 50 Exports 30
You can either spend spring Break working at home for $80 per day for five days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfar
michelle has the comparative advantage in potatoes. James has the comparative advantage in chickens. If they each specialize in the field in which they have the advantage and then trade at the rate
A firm believes the sales volume (S) of its product depends on its unit selling price and can be determined from the equation P=$100-S. The cost (C) of producing the product is given by equation C=$
a machine at a cost of $5000 was purchased 3 years ago. It can be sold now for $3000. If the machine is kept, the annual operating and maintenance costs will be $1500. If it is kept and operated for
Ross Machine Company in Smithville, Tennessee is considering buying a "CNC Machining Center" for its machining department. The cost of the machine is $60,000. A down payment of $20,000 is required b
Suppose that they are thinking of each specializing completely in the area in which they have a comparative advantage, and then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they
Suppose that in 1999 ABC Corp produced 500 million units of a good at an average cost (LAC) of $2 and in 2000 ABC Corp expanded its plant capacity and produced 600 million units at an average cost (
If full employment in this economy is 130 million, will there be an inflationary or a recessionary expenditure gap? What will be the consequences of this gap By how much would aggregate expenditures
Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix the same kind of meal in 2 hours, and his opportunity cost of one hour is $20. Will both Julia and Jacque
In one hour, Liz can make 30 smoothies or 30 salads. In this same hour, Joe can make 6 smoothies or 6 salads. Demonstrate that neither Liz nor Joe can gain from trade.Joe can now make 6 smoothies or
In a Solow Growth model with technological change, if population grows at a 2 percent rate and the efficiency of labour grows at a 3 percent rate, then the steady state total output grows at what pe