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If all the assumption of perfect competition hold, why would firms in such an industry have little incentive to carry out technological change or much research and development? What conditions w
At a recent board meeting, the president and CEO got into a heated argument about whether to shut down the firm’s plant in Miami. The Miami plant currently loses $60,000 monthly. The president o
In the following examples, state how you would use the principle of marginal analysis to make a decision. a. Deciding how many days to wait before doing your laundry b. deciding how much lib
What is usually the relationship between a bond’s rating and the interest rate a company pays to buyers? A. The rating is the same as the rate. B. The higher the rating, the low
Why is representative money more useful than commodity money? A. Representative money has value because the government says it does. B. Representative money exists in unlimited supply,
Which is a real life example of a market that is close to perfect competition a.a computer monopoly b.an oil and gas cartel c.farmers market d.public school system.
Imagine that you manage a company that has invested $5 million in developing a new product, but has not completed development. At the last meeting, your salespeople report that the arrival of new comp
Wilpen Company, a price-setting firm, produces nearly 80 percent of all tennis balls purchased in the United States. Wilpen estimates the U.S. demand for its tennis balls by using the following linear
Jacksonville Technical College received $3,445,553 in state aid on September 15 for the fall academic semester. The vice-president for finance decided to invest $2,000,000 in a 2-month investment that
Entrepreneur edward is planning to open a business selling ice cream. he knows that the price of ice cream is determined by the forces of supply and demand but wants a report outlining five specific e
Compute the economic profit of the firm if Sales-10000,material cost-3000,labour cost-2000,Administration cost-1000,own capital invested is 20000 and opportunity cost of capital 10%.
The tire shop sells 50 tires a day at $75. After they raise the price on tires to $85, they now sell 46 tires a day. What is the elasticity of tires at the tire shop? A) Inelastic B) Elast
A copy company wants to expand production. It currently has 20 workers who share eight copiers. Two months ago, the firm added two copiers, and output increased by 100,000 pages per day. One
Suppose that the residents of Veggieland spend all of their income on cauliflower, broccoli, and carrots. In 1998 they buy 100 heads of cauliflower for $200, 50 bunches of broccoli for $75, and 500 ca
If in 1984, measured GDP in Canada was $400 billion, and in 1985 it was $440 billion, Explain why we cannot necessarily conclude that the typical Canadian's welfare has improved by 10-percent over t
How does the expenditure approach calculate GDP? A. It adds up all the incomes in the economy. B. It adds up the value of four groups of final goods and services. C. It adds up the valu
If the price of a product produced in a competitive market increases. which of the following is most likely to occur in the labor market for workers who produce the product? A) the demand for l
Someone advocates using fiscal policy to stimulate the economy and reduce unemployment. Which of the following might this person advocate to implement the fiscal policy?A) increase federal spending&
Paper currency is the most easily recognized form of money. How will does paper currency serve the functions of money if we have an inflation rate of 50-percent per year? Gold is also recognize
It is often suggested that the Bank of Canada try to reduce the inflation rate to zero. If we assume that velocity is constant, does this zero-inflation goal require that the rate of money growth equa
Market analysts often use cross-price elasticities to determine a measure of the “competitiveness” of a particular good in a market. How might cross-price elasticities be used in this ma
Find the future value one year from now of a $7,000 investment at a 3% annual compound interest rate. Also calculate the future value if the investment is made for 2 yeaars.
Classical macroeconomics theory concludes that ultimately A. Fiscal policy generates only quantity effects B. erratic investment causes long business cycles C. Functional finance cures
Suppose the demand curve for a monopolist is QD =500 - P, and the marginal revenue function is MR =500 – 2Q. The monopolist has a constant marginal and average total cost of $50 per unit.&
Brian is taking three courses this semester: economics, statistics, and finance. He has decided to spend 19 hours per week studying in addition to attending all his classes and his objective is to max