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What would be the consumer buying response to Coca-Cola if the price of Pepsi doubled? If the prices of Coca-Cola and Pepsi remained constant, what would be the typical buying response to these produc
What is the difference between the auto industry of the 1950's and today. Has consumer surplus been affected in any way due to the changes in the auto industry structure, and if so, how?
Comparing the different models of pure (perfect) competition and oligopoly, what will be the effects or difference between the two in relation to efficiency of scarce resources
You have a choice between spending $195 on a new biology textbook or purchasing a new 3G smart phone. The opportunity cost of purchasing the textbook is the phone.
I expect a payment of $104 one year from now. My discount rate is 4%. What is present value of the payment to be recieved? How much if 5%?
In the short run a firms total cost of producing the hundreth unit of output equals $10,000. If it produces one more unit its total costs will be $10,150. whats the marginal and average total cost of
In the short run a firms cost of producing the hundreth unit of output is $10,000. If it makes just one more its $10,150. What is the marginal cost and average total for 101 units. Also average cost f
Calculate the average veriable cost, average fixed cost and average total cost at each output level.
The production possibilities curve below sho the hypothetical relationship between the production of food and clothing in an economy.
Using definition of the production possibility curve, which line(Curve) is much preferred.The curve that shows underutilized resources,efficiency of resources or overutilized resources?WHY?
Do you agree that the philosophy of social justice is preferable to the philosophy of market justice? Which is likely to lead to greater improvements in public health? Give an example or illustrations
How do graph the demand & supply curves, equalibrium price & quanitity for the following:
Suppose that the total benefit and total cost from an activity are, respectively, given by the following equations: B(Q) = 28Q – 5Q^2 and C(Q) = 100 + 8Q. (Note: MB(Q) = 28 – 10Q and MC(Q)
Two indicators of economic development include Gross Domestic Product (GDP) and the Human Development Index (HDI). What is the difference between these two ways of measuring levels of economic develop
When you are a manager for a MNC in a foreign country do you interfere with local customs such as mistreatment of women and use of 10 year old children as child labor, or do you respect the local cust
A man borrowed 750 dollars from a bank. He agrred to repay the sum at the end of 3 years, together with the interest at 8% per year. How much will he owe the bank at the end of 3 years?
We know that a certain piece of equipment will cost 150,000 in 5 years. How much must be deposited today using 10% interest to pay for it?
Suppose you own a movie theater and most of your costs (the band, security, the land rental, etc.) are independent of how many people show up. What is likely to be the point elasticity of demand at th
What is the growth rate of its GDP? Assume that population was 100 in year 1 and 105 in year 2. What is the growth rate in GDP per capita?
The current economic situation? is the overall national economy improving or worsening? how fast? why?
Among the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound money supply, a low saving rate, poor capital base, and lack of foreig
What does her utility function say about her MRS of Coke for Pepsi?
A company deposits 2000 in the bank at the end of every year for 10 years. The company makes no deposits during the subsequent 5 years. If the bank pays 8% intereest, how much would be in the account
Explain how globalization affects the gross domestic product (GDP).
In a popular ski resort town, the (inverse) demand for ski jackets is P=476-1.5Qd and (inverse) supply is P=80+.5Qs. Find the market equilibrium quantity and price for ski jackets.