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Which financing option do you recommend and why? Prime rate is 5%. Explain the relevance of the matching method in making this decision.
Use the arc-approximation formula to calculate the price-elasticity of demand coefficient of a firm's product demand between the (quantity, price) points of (100, $20) and (300, $10).
There are only two firms in the widget industry. The total demand for widgets is Q=30-2P. The two firms have identical cost functions, TC=3+10Q. The two firms agree to collude and act as though the
It is estimated that over 100,000 students will apply to the top 30 M.B.A. programs in the United States this year. a. Using the concept of net present value and opportunity cost, explain when it is
An industry consists of three firms with sales of $300,000, $700,000, and $250,000. a. Calculate the Herfindahl-Hirschman index (HHI). b. Calculate the four-firm concentration ratio.
Examine the key factors affecting the demand for and the supply of a good for a candy company selling sugar-free candy. Distinguish between a change in demand and a change in the quantity demanded (
• Is the advice, "Know your customer" a management strategy or economic concept or both? Explain. • How can managers use economic concepts to manage more strategically? Give three specific e
Suppose that the demand for pizza increases. Carefully explain how the rationing function of price will restore market equilibrium. Explain the long-run effects of the guiding function of price in t
Southwest Airlines begins a "Bags Fly Free" campaign, charging no fees for a first and second checked bag. Does this situation best represent a) Producer-producer rivalry? b) Consumer-consumer rival
1. Compare the primary costs involved in cleaning up the water immediately (and thus confessing) versus hiding your culpability now and possibly paying more in the future. 2. Predict the impact on p
A consumer's budget set for two goods (X and Y) is 600 ≥ 3X + 6Y. a. Illustrate the budget set in a diagram.
Suppose the worker is always willing to give up $11 of income for each hour of leisure. Do her preferences exhibit a diminishing marginal rate of substitution? How many hours per day will she choose
Katrina's Candies is operating in the monopolistically competitive market structure and faces the following weekly demand and short-run cost functions:
Veblen's Theory of the Leisure Class involves a two-class model of social stratification: an Industry class and a Leisure class.
A) Why do you think the stores wouldn't raise prices to increase revenue in this case? B) Why would the stores wage price wars in a declining economy? C) Do you think cost cutting is a good strategy d
Describe the concept of "Whiteness" and how would it apply to German, Irish, Italian, and Polish Americans? In what ways do these groups differ in light of ethnic diversity?
Graphically, a report indicating the health defects from consuming extra ounces of whole grains per day increases the chances of cancer by 30% will cause the demand curve for grains to :
The importance of trade continues to be a topic that is debated because the gains are not always quantifiable by those involved. An article by Ed Crooks published on January 6, 2011, America: Riveti
Property owners move scarce resources towards the production of goods most valued by society because
Consumers' opportunity set show the various combination of two good that are available given the amount of income and prices? Do you agree or disagree. Discuss.
a) Draw the budget constraint. i.e provide a carefully labeled diagram. b) What is the market rate of substitution? Give an interpretation. c) Illustrate the consumer’s opportunity set in part a
Using the vertical axis for "all other goods," draw the consumer's budget line in the absence of the Food Stamp program. What is the market rate of substitution between food and "all other goods"?
If a price increase from $5 to $7 causes quantity demanded to fall from 150 to 100, what is the absolute value of the own-price elasticity at a price of $7?
Each of the following situations could exist for a firm in the short run. In each case, indicate whether the firm should produce in the short run or shut down in the short run, or whether additional
Problem 1: An industry consists of three firms with sales of $300,000, $700,000 and $250,000. a) Calculate the Herfindahl-Hirschman index (HHI). SHOW ALL WORK b) Calculate the four-firm concentration