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Explain how accounting profit and economic profit. What are the accounting profit and economic profit of the firm described above? Which should business owners be more concerned with and why?
Block's sells 500 bottles of perfume a month when the price is $7. A huge increase in resource costs causes price to rise to $9 and Block's only manages to sell 460 bottles of perfume. The price ela
Each flight has a capacity of 80 passengers. In Cournot equilibrium, each duopolist will run one flight per day and will make a daily profit of: a)$525 b)$190 c)$200 d)$400 e)$2250
What strategies might be effective at reducing the disparity in government incentives between nonrenewable energy sources, such as petroleum, and viable renewable energy technologies?
Draw an Edgeworth box with two sets of indifference curves (one for each of the two persons) so that every allocation of goods is a Pareto efficient allocation.
The other in exchange for more bread. Set up an Edgeworth Box to depict this situation and explain why the situation is unlikely to be Pareto efficient.
What are the similarities and differences of isoquants and isocosts?
What will happen to the equilibrium quantity and price of a product in a competitive market when the increase in demand exactly offsets the decrease in supply?
How would a gradual increase in the percentage of fathers who stay home to care for young children while their wives continue working ultimately alter the male-female wage gap?
What is the price to consumers? What is the subsidy per unit the government has to pay? What is the cost to the government for this program?
Why do national income accountants compare the marker value of the total outputs in various years rather than actual physical volumes of production? What problem is posed by any comparison over time
What is the utility maximizing bundle of x and y given this budget constraint? What is the consumer's level of utility? Add a representative convex indifference curve showing this bundle to your gr
Where does the government get there money for a social program such as unemployment checks? What other souses of income do they have other than taxes?
Find Alexi's best affordable bundle of tea and coffee. How much could the price of a cup of coffee rise without harming her standard of living?
What are the advantages and disadvantages of having monetary policy in the hands of the Federal Reserve System rather than in the legislative or executive branches?
A major producer of consumer goods set out to forecast the price of fresh salmon three years ahead. Such a forecast was needed in deciding whether the firm should enter the business of supplying sal
Martha has $150 to spend each week and cannot borrow money. What is the opportunity cost of an additional unit of the composite good?
Suppose that at current factor prices cloth is produced using 20 hours of labor for each acre of land, and food is produced using only 5 hours of labor per acre of land. Suppose that the economy's t
They charge $1/lb for every pound you buy thereafter. If you income is $100/week, draw your budget constraint for the composite good and marigold seeds.
What does this imply about the short-run and long-run Phillips curves in these two types of countries? What does this imply about the effectiveness of monetary and fiscal policy to reduce the unemploy
Describe marginal analysis and use an example to explain how utility influences the use of marginal analysis by consumers.
To monitor this process, the chain randomly selects 5 pizzas each night and records their delivery times. Calculate an interval containing 75 percent of all possible sample means.
Determine the probability that the annual net cash flows will be negative. Determine the probability that the annual net cash flows will be less than $20,000.
Calculate the regular expenditure multiplier and the net tax multiplier. How much money should the government spend to eliminate this gap?