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Two drivers -Tom and Jerry- each drive up to a gas station. Before looking at the price, each places an order. What is each driver's price elasticity of demand?
The US has used the foreign borrowed money inunproductive expenses - What some of the US unproductive expenses? Provide at least three examples.
What happens to equilibrium income when the society becomes more thrifty,as represented by a decline in. What happens to equilibrium saving?
What are the average total cost, average variable cost, and marginal cost for these output levels? Plot these cost curves on the same graph.
Using these results, what is the arc price elasticity of demand for milk here? What is consumer surplus before and after the price decrease?
The second grant is sponsored by the federal government. Assuming that your non-profit is risk-neutral, which grant should you apply for?
What"s wrong with this way of thinking? "Economists claim that when the price of something goes up, producers increase the quantity supplied to the market.
How do the actions of firms earnings profits influence the value of resources? What happens to the value of resources when losses are present?
What does the cost of good or service reflect? Will producer continue to supply good or service if consumer are unwilling to pay price sufficient to cover cost?
Define consumer and producer surplus. What is meant by economic efficiency, and how does it relate to consumer and producer surplus?
Use this concept to explain why professional wrestlers earn more than nurses, despite the fact that nurses probably create more total value of society.
What is being held constant when a demand curve for a specific product (shoes or apples, for example) is constructed?
Which country has the comparative advantage in producing guns? What would be a mutually agreeable rate of exchange between the countries?
As skill level (and therefore earnings rate) of, say, an architect, computer specialist or chemist increase. How is the time spent on leisure likely to change?
Why do you think the average American is better or worse off as the result of the economic activities of these individuals? Explain your response.
How would your study habits be influence if everyone in the class were going to be given an A grade?
Which of the two groups will bear a larger number of children on average? Explain your answers based on the concept of opportunity cost.
Who is helped and who is hurt by such prohibitions? How can owners who want to sell their tickets get around the prohibition?
If consumers began eating more chicken and less beef, why would the cattle population increase or decrease? Explain.
Construct a numerical example to show that as marginal product (MP) rises, marginal cost (MC) falls.
Discuss the difference between economic costs and accounting costs. Which are important for the calculation of economic profits of the firm?
Draw and accurately label the graph that reflects market for corn. Draw and accurately label the graph that reflects market for tortillas.
A group has chartered a bus to Atlanta. The driver costs $200 and the bus costs $500. How many people must buy tickets so that the trip need not be canceled?
Explain why a firm will maximize its profit if it produces the higher level of output at which the curves cross, but won't maximize profit by producing.
There is an overall increase in income. What are the effects of government intervention in the cell phone market?