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An economy is faced by exhaustion of an important natural resource at a time when it is introducing improved technology.explain how these events will effect the economy production possibility curve.
How does analysis of demand contribute to business decision making give your answer with reference to the responsibilities of a sales manager?
Assume that the price of silk ties in a perfectly competitive market is $17 and that the typical firm confronts the following costs: Quantity (ties per day) 0 1 2 3 4 5 6 7 8 9 10 Total Cost 17 24 33
Find the cross price elasticity between marijuana and cigarette. Interpret the result. d. Suppose the government increases the tax on cigarette such that its price soars by 20%
An economy is faced by the exhaustion of an important natural resource at a time when it is introducing improved technology.using a diagram how these events will affect the economy production possibil
What is the formula for measuring the price elasticity of supply? Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1200 boxes of apples instead o
The market for DVD’s has a supply and demand curve P’= 2Qs and P=42-Qd a. How many units will be traded at a price of $35? At $14? Which participants will be dissatisfied at these prices?
Finally, she can take an hour drive to out of town to a neighboring city and pay 84 for the suit. Hannah makes $85 dollars and hour where she works. She has time to take off work to purchase her suit,
If the market for alcoholic beverages is in equilibrium, then the drinking age is reduced from 21 to 18 what will happen to the equilibrium price and quantity of alcoholic beverages.
The majority of the world’s diamonds comes from Country A and Country B. Suppose that the marginal cost of mining a diamond is $1,000 per diamond and that the demand schedule for diamonds is as
The following information is available within a Keynesian income-expenditure framework of the economy,where Yd is disposable income, t is the marginal tax rate and T is the government’s tax reve
The Marginal product of labor in production process is statistically estimated as MPL=10(K/L)^0.5 Currently the process is using 100 units of K and 121 units of L
Assume that a monopolist sells a product with a total cost function TC=1200 + 0.5Q2 and a corresponding marginal cost function MC = Q. The market demand curve is given by the equation P = 300-Q. a. Fi
Suppose there are 60 million people employed, 10 million unemployed, and 30 million not in the labor force. what does the civilian noninstitutional population equal?
Derive the PPF for both countries and graph them and who is specializing in Bourbon according to Comparative Advantage?
The case study presented in the chapter discussed cigarette taxes as a way to reduce smoking. Now think about the markets for other tobacco products such as cigars and chewing tobacco.
What is the range of possible Relative Wage Ratio under which trade based on comparative is mutually beneficial and who has the absolute advantage at producing Cigar?
An increase in the demand for notebooks raises the quantity of notebooks demanded, but not the quantity supplied.” Is this statement true or false
Build the time series for the Index of Openness (Export of Goods/GDP) using a spreadsheet and build the time series of Imports of Goods/GDP.
Classify the following topics as relating to microeconomics or macroeconomics. a family’s decision about how much income to save. the effect of government regulations on auto emissions
Calculate and Plot using a spreadsheet the series for Real GDP and calculate and Plot using a spreadsheet the yearly % changes in Nominal GDP (i.e. [GDPt+1-GDPt]/GDPt)
You win $100 in a basketball pool. You have a choice between spending the money now or putting it away for a year in a bank account that pays 5 percent interest.What is the opportunity cost of spendin
Who has the absolute advantage at producing Cigar and who has the comparative advantage at Bourbon and who is specializing in Bourbon according to Comparative Advantage now?
Pham can work as many or as few hours as she wants at the college bookstore for $11 per hour. But due to her hectic schedule, she has just 19 hours per week that she can spend working at either the bo
Why does the Average Physical product curve slope downwards so soon? What's the relationship between Average physical product curve and Marginal physical product curve?