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Jonathan, a two-and-a-half-year-old, lives with his mother and brothers at his grandmother's house in Chicago. His mother, Anita, works at a pharmacy to support the family. Jonathan spends his days
In attempt to increase revenue and profits, a firm is considering a 4 percent increase in price and an 11 percent increase in advertising. If the price elasticity of demand is -1.5 and the advertising
The graph on the left shows the short-run marginal cost curve for a typical firm selling in a perfectly competitive industry. The graph on the right shows current industry demand and supply.a. What is
Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. In your explanation, be sure to include how the necessity good and the availabilit
Suppose a persona quits a job paying $40,000 per year and starts a business with $100,000 withdrawn from a money-market account earning 8 percent per year. The implicit cost of the business is ____ fo
I am learning about scarcity in my SS 6th grade and I am unsure about this question. Which sentence best tells the effect of scarcity on economics? A. Scarcity shapes decisions about how to
You are the manager of a firm that sells CD players and DVD players. You work in Buffalo, New York and this is the middle of winter. So the people that live within walking distance are the o
Given the economic situation today, outline the discretionary fiscal policy you would promote if you were president. In terms of the AD-AS model. Explain how your policies would affect the economy.
What is kenyas factor of production for their land and labor? Which means what percentage do they use their land for what. For the labor it means what labor occurs their, whether it be physical or m
Which of the following will not produce an outward shift of the production possibilities curve? Reduction in unemployment rate. How? Wouldn't more employment produce more goods??
Suppose you earned $50,000 last year, and inflation is at 5%. You receive a salary increase of $2,000. Explain your increase salary in nominal and real terms. Did you receive an increase?
What is the equilibrium level of GDP and the interest rate? Is there a BOP equilibrium or a BOP deficit/surplus. If the money supply is increased by 23% what is the new equilibrium GDP and int
Consider the following news headline....Canadian minister of defence announces $9million purchase of 65 new fighter jets. Assuming that aggregate out put is demand determined and that the f-35 jets ar
An auto-service establishment has estimated its monthly cost function as follows: TC = 6000 + 10 Q where Q is the number of cars it services each months and TC represents its total cost. The
Suppose the bottle water industry is competitive. If a bottle of water supplied by the typical firm has an ATC of 20 cents and the market price if 30 cents, is the bottle water industry in long run
Owners of digital cameras have to buy memory cards in order to use the cameras. Cameras and memory cards are: A. substitutes. B. complements C. unrelated. D. elastic.
Jesse and Kimberly recently graduated from college and are starting a family. Currently, they are just making ends meet with their $45,000 salary. They want to contribute the maxim
A firm in a purely competitive industry is currently producing a 1000 unir per day at a total cost of $450. if the firm produced 800 units per day, it total cost will be $300, and it it produced 500 u
To complete the analysis, Chuck wants to know more about the revenue that he can generate from his farm. The price of corn, p(y), depends on how much Chuck produces. The price function is specifi
There are 10 identical consumers whose demand is D: p = 20 - 10q. There are 10 identical firms, each firm's marginal cost is MC(q)= 5 + 5q. The market is competitive. a) derive the market demand
A $90,000 investment is made. Over a 5 year period, a return of $30,000 occurs at the end of the first year. Each successive year yields a return that is $3,000 less than the previous year's retu
We're looking at the market for cat food. When the price is $10, the quantity sold is 1000 bags. When the price drops 10%, the quantity sold increases 30%. Calculate the price elasticity of deman
A senator wants to raise tax revenues and make workers better off. A staff member proposes raising the payroll tax paid by firms and using part of the extra revenues to reduce the payroll tax paid by
Suppose your college charges you separately for tuition and for room and board. What is a cost of attending college that is not an opportunity cost? What is an explicit opportunity cost of
Bob's lawn mowing service is a profit-maximizing competitive firm. Bob mows lawns for $27.00 each. His total cost each day is $280 , of which $30 is a fixed cost. He mows 10 lawns a day. What can yo