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When McDonald's Corporation reduced the price of its Big Mac by 75 percent if customers also purchased french friesand a soft drink. The Wall Street Journal reported that the company was hoping the no
I am learning about scarcity in my SS 6th grade and I am unsure about this question. Which sentence best tells the effect of scarcity on economics? A. Scarcity shapes decisions about how to
For each of the following products, write a few sentences answering the following questions: • Is price discrimination of any sort feasible? • If price discrimination is feasible,
You are the manager of a firm that sells CD players and DVD players. You work in Buffalo, New York and this is the middle of winter. So the people that live within walking distance are the o
What is a supply shock? Give an example of a current supply shock. Which way does this shock move the AS curve? What is the resulting impact on potential GDP and the price level?
Given the economic situation today, outline the discretionary fiscal policy you would promote if you were president. In terms of the AD-AS model. Explain how your policies would affect the economy.
What is kenyas factor of production for their land and labor? Which means what percentage do they use their land for what. For the labor it means what labor occurs their, whether it be physical or m
Which of the following will not produce an outward shift of the production possibilities curve? Reduction in unemployment rate. How? Wouldn't more employment produce more goods??
The price of a wideget increases by 90%. What effect would we expect this to have on the equilibrium wage rate of workers who make widgets? Would this increase, decrease, or keep the wage rate th
Suppose you earned $50,000 last year, and inflation is at 5%. You receive a salary increase of $2,000. Explain your increase salary in nominal and real terms. Did you receive an increase?
While sitting in your office one evening, you begin to think about some of the key microeconomic messages you want to communicate to the Board. Key concepts include, but are not limited to, supply and
What is the equilibrium level of GDP and the interest rate? Is there a BOP equilibrium or a BOP deficit/surplus. If the money supply is increased by 23% what is the new equilibrium GDP and int
Consider the following news headline....Canadian minister of defence announces $9million purchase of 65 new fighter jets. Assuming that aggregate out put is demand determined and that the f-35 jets ar
An auto-service establishment has estimated its monthly cost function as follows: TC = 6000 + 10 Q where Q is the number of cars it services each months and TC represents its total cost. The
If a soybean grower for who price exceeds average total cost for a wide range of output is currently producing where Average Total Cost is at a minimum. What economic advice would you
Suppose the bottle water industry is competitive. If a bottle of water supplied by the typical firm has an ATC of 20 cents and the market price if 30 cents, is the bottle water industry in long run
The total operating revenues of a public transportation authority are $100M while its total operatiing costs are $120M. The price per ride is $1, and the price elasticity of demand for transportation
The average tax charge is $95. Assuming a normal distribution as a standard deviation of $10, use the approximate areas beneath the normal curve. what proportion of tax prep fees were exactly $100?
1. Chipo has the following utility function of 2 goods Pies (X) and fanta (Y): U= log X + log Y. (a) show that the consumer maximizes utility subject to the budget constraint. (b) deriv
John has a job that requires him to travel 3 of every 4 weeks. He has an annual budget and can travel either by train or by plaine. The airline on which he typically flies has a frequent traveler prog
Owners of digital cameras have to buy memory cards in order to use the cameras. Cameras and memory cards are: A. substitutes. B. complements C. unrelated. D. elastic.
Kimberly works for a well known financial company as a sales representative. She earns a small base salary but receives commission off every product she sells. Kimberly has basic
Jesse and Kimberly recently graduated from college and are starting a family. Currently, they are just making ends meet with their $45,000 salary. They want to contribute the maxim
A firm in a purely competitive industry is currently producing a 1000 unir per day at a total cost of $450. if the firm produced 800 units per day, it total cost will be $300, and it it produced 500 u
The country of Arkanslavia had money supplies of 183 million arkollars in 2010 and 644 million in 2011. They have real output of 791 arkollars in both years. In Arkanslavia velocity was 7 in 2010 but