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The price of hamburgers exceeds that of strawberry shakes. Which of the following statements necessarily must be correct at her current consumption point?
The invention of the computer is the major factor behind the decline of the banking industry." Do you agree or disagree with the statement? Explain why.
Given that the US supply of frozen orange juice comes from mainly Florida and Brazil, what effect would a freeze that damages oranges in Florida have on the price and quantity of frozen orange juic
How much economic profit do you expect that Robert's company will make in the first year? Do you expect this economic profit level to continue in subsequent years? Why or why not?
According to the functionalist perspective, what functions do racial beliefs serve for the dominant group? Conversely, what dysfunctions to society are caused by prejudice and discrimination?
Quantity demanded falls from 500 pounds to 400 pounds. Calculate the price elasticity of demand. Is the demand for oranges price elastic, inelastic, or unit elastic? Explain.
SUVs are $37 with one-day return and subcompacts are $41 with one-day return. Why would the equilibrium price of SUVs be lower than the equilibrium price of subcompacts?
Write the economic analysis section of a business proposal. This will include statements about the market structure and the elasticity of demand for the good or service.
For whom is a given mix of goods and services to be produced? How, in other words, are the society's outputs to be distributed among its members?
Its suppliers started to struggle, and several local establishments closed their doors. It can be said that the local economy in South Carolina was experiencing what?
The cost of your travel on the trip will be $3,000, film and videotape will cost you $200, and your food will cost $1,400. What is the opportunity cost of taking this trip?
What fraction of the incidence falls on consumers? On firms? Suppose the supply elasticity is 0.6. What must the demand elasticity be?
Find a news story from the last 12 months that you believe impacted Aggregate Demand or Aggregate Supply. Provide a brief summary of the story.
The constant price elasticity of demand for cigarettes has been estimated to be -0.5. To reduce smoking by 50 percent, approximately how much tax needs to be added to a $1 pack?
As the plant manager, should you recommend to the owners that the plant be shut down for a while? Justify your answer using at least two techniques and presenting the information graphically.
It is not certain, therefore, that an innovation will really reduce price in the end." What is wrong with this statement, and how to draw a diagram of what actually happens.
An industry has a demand of Qd = 150 -15P and a supply curve of Qs = 10P -25. What is the equilibrium price and quantity? Recall what is the condition for equilibrium.
What is the rollback equilibrium to this game? Make sure to describe the strategies, not just the payo s.How many di erent complete strategies does Bart have? Explain.
What is Stopdecay's average monthly total revenue from the sale of electrictoothbrushes before and after the price change determined?
Labor demand equations are given by Qs = 5W and Qd = 30 - 5W. If the minimum wage were set at $2.50 an hour, how many people would not be able to find work?
Market demand is Q = 2500 - 10p. If none of the high-cost firms makes a positive profit, how large is n? How much profit do the low-cost firms make?
The marginal pollution and congestion cost of cars is E(Q) = 400 + 0.1Q. What is the socially optimal output of cars? At what price would marketable permits to produce that number of cars trade?
Do you think it is immoral that the company employed Rachmina for only 2.50$ a day? Why (not)? Do you think it was desirable that the company entered Malaysia in the first place?
Suppose that the manager of a firm operating in a perfectly competitive market has estimated the average variable cost function to be.
What happened to the Leontief paradox when human capital embodied in U.S. exports was accounted for as a separate factor of production?