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What is the slope of the budget line for apples and bananas if apples were graphed on the horizontal axis and bananas were graphed on the vertical axis?
Only 75% of the batteries from manufacturer 2 last for over 40 hours. A battery in a critical tool fails at 32 hours. What is the probability it was from manufacturer 2?
What are the advantages of using capital in the production process? What is meant by the term "division of labor"? What are the advantages of specialization in the use of human and material resource
What is the practical significance of income elasticity coefficients? Explain the significance using as examples an income elasticity of 3.0 for automobiles and an income elasticity of 0.20 for home
considering her opportunity cost and the prices of the dress that she exploits opportunities to minimize the cost of her dress. She will buy her dress it from where?
How would you illustrate the impact of each of the following events on a production possibilities curve for factory goods and farm goods?
Find an example of a current department store sale in your own local market. Describe the sale, what it involves and explain what the motivation for it.
With a downsloping demand curve and an upsloping supply curve for a product, an increase in consumer income will:
However, the increase in sales was accompanied by lower operating margins and declining profits. Why would operating margins decline as sales increase? How could profits decline?
Microsoft appears to have a monopoly with over 90 percent of the personal computer operating market. Why then would it not be charging a monopoly price? What factors might be diluting its market pow
The price and output of orange under the conditions below. What are your predictions? For each part, sketch a graph showing the appropriate demand and supply analysis.
Explain the following almost universal features of late-night infomer- cials (a $2 billion industry) using reference-dependent preferences by answering our three questions:
Start Now has a production function of Q = K1.2L0.5. Given that the price of capital (K) is $125 and the MRTS is K = L. How many units of capital and labour will be used to produce 1,000 units?
What firm-specific and industry-specific factors might be used to explain differences among giant corporations in the amount of revenue per employee and profit per employee?
Calculate the range within which the population average failure rate can be found with 95% confidence. Assuming that s = 0.15% cannot be reduced, and a sample size of n = 64, what is the minimum rang
Which of the following is the BEST response regarding ways for two or more countries to establish free trade? A free trade area can be established, and tariffs may be set independently on non-area nat
CARICOM Products Limited production function is lnQ = 4.63 + 0.392lnK + 0.824lnL. Given that price of labour (L) is $40 and the price of capital (K) is $20. What is the firm's output elasticity and re
Use the capital-asset pricing model to predict the returns next year of the following stocks, if you expect the return to holding stocks to be 12 percent on average, and the interest rate on three-m
The CE has made a schedule, showing the number of defective radios that will leave the assemble line if inspectors were to be hired.The cost of hiring an inspector is US$2,000 per month. How many ins
Find a product and describe its price elasticity and income elasticity. How much control might an organization have over pricing based on a product's elasticity? Discuss which of the elasticity rule
The daily paid for each worker is $100 and the rental of each machine is $300/day. What is the MP per dollar spent on a worker? Are workers and machines being utilized in the cost-minimizing manner?
A basketball manufacturer is considering a number of options for its new factory configuration, which configuration should they select?
What level of man-hours will maximize total output? Calculate the marginal product for the following levels of man-hours: 50, 100, 150; 200; 250 and 300. Comment on the results.
Pick an industry (personal computers, autos, etc.) and explain how it would function under market conditions of perfect competition, monopolistic competition, monopoly, and oligopoly. Of these, des
Generate a schedule showing total product, average product and marginal product. He is considering hiring students on a part-time basis for $40/hour, do you think he should do so? Explain.