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A monopolist is currently producing a level of output where Price = $110; Marginal Revenue = $10; Quantity = 100; Total Cost = $15,000; Marginal Cost = $10; Total Fixed Cost = $4,000. To ma
Using AD/AS, describe the short-run and long-run effects of an increase in the money supply on the equilibrium level of production and the price level. Be sure to explain what happens to Total Expendi
Write a 300 - 400 word essay explaining the advantages and disadvantages of international trade. Some possible areas to use are comparative advantage, gains from trade, and trade restrictions. Expla
Wireless high speed internet is provided for free in the airport of the city of communityville a)At first, only a few people use the service. What type a good is this and why? b) Eventually,
When an economist says that a currency has become stronger, he or she means that a) it will buy less of foreign goods. b)it can be exchanged for more of a foreign currency. c)serv
One year ago, you bought a bond for $10,000.00. You received interest of $400.00 at the end of the year, as well as your $10,000.00 principal. If the inflation rate over the last year was five percent
Which statement best characterizes Adam Smith’s concept of the “invisible hand”? A. Those who don’t work shouldn’t eat. B. The quest for personal gain works
In global trade, when the difference between money coming into a country from exports and money leaving a country due to imports or money flows from other factors is known as the A. b
Picabo borrows $1,000. To repay the amount she makes 12 equal monthly payments of $90.30. Determine the following: (a) The effective monthly interest rate (b) The nominal annual interest rat
If someone said "My personal economic theory is live below my means..." what does this mean and what implications does this have for that person's economic future?
Suppose that the resident of vegopia spend all of their income on cauliflower,broccoli and carrots.in 2006 they buy 100 heads of cauliflower for $200,50 bunches of broccoli for $75 and 500 carrots for
For the total variable cost (TVC), draw a positive total fixed cost (TFC) and total cost (TC) curves. Then derive the associated marginal cost (MC), average total cost (ATC), average variable (AVC) an
The "Baby Boomers" are in their retirement age. What affect might this have on the productive capacity of a country's labor force? How does consumer demand and the price mechanism influences dema
If the federal government enacts a tax on a monopoly, how would you expect the additional tax to affect the following: 1. Output produced by the monopoly 2. Prices charged by the monopoly&nb
Can anyone explain to me how Max Weber’s thoughts on the dynamics between religion, economics, and culture can be related to Protestantism and urbanization in Western Europe? I know that ac
The marketing manager has estimated the company’s demand curve with the equation P=3000 – 40Q. To develop a deeper understanding of pricing and quantity to be produced, complete the follow
Business and Economics: For a business to make a profit it is clear that revenue R must be greater than cost C; in short, a profit will result only if R>C. if a company manufactures records and its
An article in Business Week warned of the dangers of deflation as the collapse of numerous Asian economies was creating worries that Asia might try to “ export its way out of trouble” by o
Suppose there are two goods, Cloth and Food, and two factors of production, labour and capital. Suppose that the production function for each good is "homothetic". Put capital K in the vertical a
Qd=15.0-0.2P where Qd is annual quantity demanded in millions of units and P is the wholesale price. Incurred cost of $60 million. Production cost is $5/unit. (1) what is wholesale price, (2) prod
A group of economics students gathered to study for a test on the money and banking system in the U.S. During a fast and furious brainstorm session, Jill scribbled down several key phrases she will
The equation for a demand curve has been estimated to be Q = 100 – 10P + 0.5Y where Q is quantity, P is price, and Y is income. Assume that P = 7 and Y = 50. a. Interpret the equation.
How does a laissez faire economy make the decision about what goods and services will be produced? a.) Lawmakers in government vote on what will be produced b.) Producing firms decide what t
Consider an economy with a constant nominal money supply, a constant level of real output Y = 100, and a constant real interest rate, r = 0.10. Suppose that the income elasticity of demand is 0.5 and
If one kilogram of flour costs $2 in Canada, and 100 shillings in Kenya, what would Purchasing Power Parity predict the Kenyan shilling to be worth in Canadian dollars?