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State whether the following statements are true or false, and then briefly justify your answer in the space between questions. Suppose that Country A displayed at the end of 2011 a ratio of private cr
In 2005, Bob's Burgers charged $1.50 for a quarter-pound hamburger with all the fixin's, and sold 7,500 of them. In 2006, although Bob raised the price to $1.75, sales of quarter-pound burgers rose
If the nations do not specialize and trade but remain at alternative C in East and D in West, the combined production of East and West Wakovia will be how much tobacco and how much corn?
Suppose that in year 2008, the money supply is $400 billion, nominal GDP is 9 trillion, and real GDP is $4 trillion. What is the price level? What is the velocity of money?
Explore how firms in monopolistic competition differentiate their products or services to generate a market niche and therefore somewhat more control over their economic environment.
What would happen to consumer and producer surplus? How much money would the government collect due to the tax? What would be the size of the resulting deadweight loss relative to the competitive ou
What is the adjustment process that drives economic profits to zero? Why does this process not occur in less competitive industries?
Company A has announced a rights offer to raise $40 million for a new journal. The journal will review articles after the author pays a non-refundable reviewing fee of $5000 per page. The stock cur
Suppose Babsie generated the following probability distribution: Is this probability distribution discrete or continuous? Explain your reasoning. Calculate the variance of X. Show your work
A perfectly competitive firm operating in the market depicted in graph (1) is producing 311 units of output at the profit-maximizing level. What is the marginal revenue of the 312th unit?
How this arrangement with Delta and United could have caused the value of SkyWest to increase so dramatically even though it limited the amount of profit the company could earn.
Describe wage determination in a labor market in which workers are unorganized and many firms actively compete for the services of labor.
Suppose a wage increase from $25 to $27 an hour increases the number of job applicants from 52 to 66. What is the price elasticity of labor supply?
Explain how accounting profit and economic profit. What are the accounting profit and economic profit of the firm described above? Which should business owners be more concerned with and why?
Block's sells 500 bottles of perfume a month when the price is $7. A huge increase in resource costs causes price to rise to $9 and Block's only manages to sell 460 bottles of perfume. The price ela
Each flight has a capacity of 80 passengers. In Cournot equilibrium, each duopolist will run one flight per day and will make a daily profit of: a)$525 b)$190 c)$200 d)$400 e)$2250
What strategies might be effective at reducing the disparity in government incentives between nonrenewable energy sources, such as petroleum, and viable renewable energy technologies?
Draw an Edgeworth box with two sets of indifference curves (one for each of the two persons) so that every allocation of goods is a Pareto efficient allocation.
The other in exchange for more bread. Set up an Edgeworth Box to depict this situation and explain why the situation is unlikely to be Pareto efficient.
What will happen to the equilibrium quantity and price of a product in a competitive market when the increase in demand exactly offsets the decrease in supply?
How would a gradual increase in the percentage of fathers who stay home to care for young children while their wives continue working ultimately alter the male-female wage gap?
What is the price to consumers? What is the subsidy per unit the government has to pay? What is the cost to the government for this program?
What is the utility maximizing bundle of x and y given this budget constraint? What is the consumer's level of utility? Add a representative convex indifference curve showing this bundle to your gr
Find Alexi's best affordable bundle of tea and coffee. How much could the price of a cup of coffee rise without harming her standard of living?