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What would the profit be? C) If you were Johnny"s agent, what recording fee would you advise Johnny to demand from the record company? Why?
How does central planning of an economy differ from market economies? What has been the result of the transition from a centrally planned economy to a market economy in countries that were part of t
The marginal product of the last worker is 12 bucking broncos per day; and total fixed cost is $3,600 for equipment. What is the marginal cost of the last bucking bronco produced?
"The government decides to increase the sales tax on all goods. The government does not change the tax on income earned from labor. What happens in the market for labor?
Evaluate the current status of the U.S. healthcare system as it pertains to the underinsured and the uninsured populations in the nation. Items to address in this opinion paper focus on providing he
Population growth is an important component of our increased demand for energy, but how does it compare to our individual demand for energy consumption?
Show the effect of each of the following events on the market for labor in the computer manufacturing industry. (A) Congress buys personal computers for all American college students.
Further assume that setting the oil wells on fire did not affect Kuwait's ability to produce food. Explain why the PPF before the war is different from the PPF after the war.
Though both goods require some land and labor, the two-good production possibilities frontier will change in which of the following ways given an increase in available land?
Find a formula for σ as a function of π,y, and c. Think of the amount collected from active workers and the amount transfered to retired workers as supply and demand for savings, respective
There are 4 factors that influence the price elasticity of demand:
Now suppose that you have the additional information that the rise in gasoline prices has been relatively large, while the reduction in steel costs has been relatively small. How would this change y
A Publishing company uses 400 printers and 200 printing presses to produce books. A printer's wage rate is $20, & the price of a printing press is $5,000. The last printer added 20 books to tota
If the current price of the product is $100, what is the quantity supplied and the quantity demanded? How would you describe this situation and what would you expect to happen in this market?
Write down a formula that describes the marginal product of labor in the short run as a function of the amount of labor used. (Be careful at the boundaries.) If the wage is w = $1 and the price of o
Batteries are an important form of energy storage, and in some applications, they are the best solution available. What are some other options for energy storage when we're looking at grid-scale energ
Give an example of an adverse supply shock and illustrate graphically. Now do the same for a beneficial supply shock.
What if w=$1 and p=$10? Write down an equation for the firm's short-run demand for labor(L) as a function of w and p.
You are chairperson of a state tax commission responsible for establishing a program to raise new revenue through excise taxes. Why would elasticity of demand be important to you in determining the
Find the probability that at least 10 funds outperform the market in 5 consecutive years, 10 consecutive years, 20 consecutive years.
Using a single diagram of the saloon's demand curve and its cost curves, show the price and quantity combinations favored by each of the three partners.
What are the definition of macroeconomics, national income, consumption, government spending, investment and net export. Compare microeconomic and macroeconomics.
However, when both advertising and price are included as independent variables in a multiple regression model, neither variable has a statistically significant coefficient estimate.
A perfectly competitive industry is composed of 60 firms. The industry demand curve is Q = 1100 - 40P , where P is price and Q is the total market demand. Firms have identical costs: C = 50 + 5q +