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Used music CDs rise in price from $7 to $8, and total revenue falls from $700 to $640. Is the demand curve over this range elastic or inelastic? Why?
He also purchased five of John's mature banana trees for 30 clamshells each. What is the GDP of George's and John's island in terms of clamshells?
Evaluate the relationship between the European Euro crisis in 2012 and the American economy. Assess how this affects American businesses and decisions made by mangers
Which variable, output or total hours worked, increases by a larger percentage in expansions falls by a larger percentage in recessions?
What are your predictions for the economy of Thriftypeg based on the following policy scenario: Suppose the government decides to increase taxes.
To perform this task, you must assume that prices are sticky: fixed in the short-run and flexible in the long-run. The scenarios are: A permanent restrictive monetary policy in Europe.
Demonstrate this outcome with work-leisure diagram. What does this outcome assume about the relative sizes of the income and substitution effects?
Determine and explain which basic economic problem: of what, how and for whom apply to the following the economic decision. Should the company makes its own spare parts or buy them from an outside ven
what is the drawback of using a nominal anchor? what is the growth rate of the money supply of this economy? if you chose to adapt a money supply target.
What characteristics of extended problem solving are involved in a computer purchase? How might the free xbox offer influence a consumer's mental accounting and perceived risk?
Explain the cost curves of the firm. In terms of economies of scale, why would a firm sometimes want to expand output and sometimes not want to expand output?
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.
The marginal cost of providing a hospital room is $150 per day. If David's only illness this year results in an appendectomy, how many days will he choose to stay in the hospital?
China and America can each produce 100 million shirts a year. Who has the absolute advantage in each good? What is the opportunity cost for each country for computers?
How well this price maximizes profit for the company and determine what shifts the company should made in its pricing strategy. Provide support for your recommendations.
10% of executives could speak a foreign language. what is the probablitty that an executive who has traveled internationally speaks a foreign language fluently?
What is the present value of the country's resources? What is the maximum that the country could consume in the current year if it were willing to never consume again?
What are the firm's break-even output and price? Assuming that the market price is $84, what are the firm's output, producer surplus and profit? What is the firm's supply function?
Discuss the pros and cons of annuities when compared with other financial instruments and whether they provide a better investment opportunity for some people.
Leads to relatively high interest rates in the United States, what happens to the demand and supply of foreign currency and the dollar's exchange value?
Thus, LoJack provides both private benefits and positive externalities. Should the government consider subsidizing LoJack purchases? Why
The following outline provides a complete description of all economic activity in Trivialand for 2003. Compute GDP using both the expenditure approach and the factor payment approach.
How would this event affect the money supply? (2) What sort of defensive open market operation would the Fed undertake in response? Mardi Gras celebrations lead people to carry more cash.
the rolls contained all Canadian pennies: the rest all had at least one American penny. Altogether in the 200 rolls, about how many American pennies are there? What is the median number of American
Calculate Max's marginal utility from windsurfing at each number of hours per day. Does Max's marginal utility from windsurfing obey the principle of diminishing marginal utility?