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The weekly demand for computers produced by College Computers is given by Q = 1,000 - P, and its weekly cost of producing computers C(Q) = 2000 + Q2. If other firms in the industry sell PC's at $600
An economist has estimated that, at the current price of $1.25 per pill, the own price elasticity of demand for the drug is -2.5. Based on this information, what can you do to boost profits? Explain
The interest on the outstanding bonds must be added to spending each year, and we assume that additional taxes are raised to over the interest. Assuming that the budget stays the same except for the
What is the short-run shutdown price? Using a graph and a market price of P, show that losses are less when shutting down than when producing.
What is the difference between implicit costs and explicit costs? Are both really costs? Explain
A person starts her own business. She quits her $40,000 a year job, rents an office for $15,000 a year, pays wages and salaries of $50,000 a year, utilities of $4,000 a year, and materials of $20,00
Which of these types of firms can earn a positive economic profit in the long run?
Write a 700- to 1,050-word paper that presents your evaluation of the risk of Malathion based on your outline. Explain the reasoning for your vote based on the four steps of risk assessment. Consid
Major problems with the utilitarian reliance on measurement include:
According to the principle of utilitarianism, an action is moral if:
Which of the following is not a moral outcome of perfectly competitive markets?
What is the meaning of "ceteris paribus assumption" in economics and how is it useful? Give an example to support your answer
What is the meaning of "the use of models" to study economics and how is it useful? Give an example to support your answer
List at least one advantage and one limitation of international trade you encountered in the simulation. Define absolute and comparative advantage in your own words.
Suppose the firm has only three possible scales of production as shown
Which of the following pairs are examples of substitutes?
If a 15 percent reduction in the price of a good produces a 3 percent increase in the quantity demanded, the price elasticity of demand over this range of the demand curve is known as what?
What type of organization has a high fixed cost and low variable cost balance to run its operations? Discuss the balance of fixed and variable costs for the organization. How has the Internet chang
Which of the following statements about globalization is correct? Globalization is universally welcomed in all nations.
Suppose that Congress enacts a lump-sum tax cut of $750 billion. The marginal propensity to consume is equal to 0.75. Assuming that Ricardian equivalence holds true, what is the effect on equilibri
What is meant by the term 'utility,' and how does it relate to purposeful behavior?". In one to three pages, fully explain your answer in a way that shows your understanding of "utility" and human b
What is the role of R square in regression analysis? How does R square differ from the adjusteda R square? Explain.
What is the relationship between Gross Domestic Product (GDP) and the business cycle? How can you use information about the business cycle when making a decision about a large purchase?
Evaluate and explain the following statements "The market system is a profit-and-loss system"
Suppose that an increase in consumer confidence raises consumers' expectations about their future income and thus increases the amount they want to consume today. This might be interpreted as an upw