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Consider the Linear demand function Q = 20 - 0.5P. Using calculus, find the level of output, Qrmax, where total revenue reaches its maximum value. What price Prmx maximizes total revenue? What is t
If 96% of Chinese couples have one child which is female 50% of the time and the remaining 4% of Chinese couples engage in sex-selective abortion until they have a male child. What is the ratio of fe
How do I figure out the principal in the equation principal X rate X time? I am borrowing $255,920.00 which is the total amount of the home ($319,900.00) minus $63,980.00 (20%I put down).
Assume that the average income of an artist is $40,000 per year and that C=0.75Y^P. Further assume that in a good year the artist earns $50,000 and that in a bad year she earns $30,000. 1)Calcu
Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour. She spends 5 hours per day studying. a. Draw Maria's production possibilities frontier for rea
Give an example of a fairly major purchasing decision you've made in your lifetime. How did you justify the purchase? How did you prepare for it financially once you decided to make the purchase?
Is your consumer behavior influenced by advertising or the news? Discuss one or two examples of media that have influenced your desires or affected your consumer choices.
The price of cranberry juice suddenly increases. As a result, Glenda begins drinking more grape juice, which is less expensive, but tastes just as good to her. In this case, Glenda’s elastic dem
Suppose you have $7,000 in savings when the price level index is at 100.A. If inflation pushes the price level up by 10 percent, what will be the real value of your savings? B. What is the real v
Use the concepts of marginal cost and marginal revenue to derive an optimal capital budget for Company X, which has identified 7 possible investment projects and determined its cost of capital as show
What describes a tax that is assessed according to benifits received principle? a.) Thosew who recieve direct payment of the money tha tax generates are the people who pay the tax b.) Those
There are two ways to protect your car from theft. The "club" makes it difficult for a car thief to take your car. Lojack makes it easier for the police to catch the car thief who has stolen it. Whi
Economists often view life cycle variation in income as one form of transitory variation in income around people's lifetime or permanent, income. In this sense, how does your current income compare
“Soft Selling” and Adverse Selection Soft selling occurs when a buyer is skeptical of the quality or usefulness of a product or service. For example, suppose you’re t
IPOs and Adverse Selection Should owners of a private company contemplating an IPO (a sale of stock to the public) release information about the company, or keep as much of it as they can to
Bicycle Insurance and Information Asymmetry If bicycle owners do not know whether they are high- or low-risk consumers, is there an adverseselection problem?
An individual who owns a share of a corporation and is entitled to part of its profits is the: A. director B. officer C. president D. stockholder
According to the following game tree, and if the entrant and incumbent both only care about their own monetary payoff, what is/are the game's Nash equilibrium? Entrant - stays out (2,15) - e
To save on gasoline expenses, Edith and Mathew agreed to carpool together for traveling to and from work. Edith preferred to travel on I-20 highway as it was usually the fastest, taking 25 minutes in
There are usually no costs for the first 3 years, but thereafter maintenance is re- quired for restriping, weed control, light replacement, shoulder repairs, etc. For one section of a particular highw
The Law of Supply (movement along the curve due to the price effect) occurs because A) producers usually offer more for sale at lower prices than at higher prices. B) marginal production cos
An article in The Wall Street Journal reported that large hotel chains, such as Marriott, are tending to reduce the number of hotels that they franchise to outside owners and increase the number the c
When McDonald’s Corp. reduced the price of its Big Mac by 75 percent if customers also purchased french fries and a soft drink, The Wall Street Journal reported that the company was hoping the n
There are 1,000 hot dog stands in Chicago at any given moment. Due to health concerns, a significant number of families move out of the city. Would there be a shift in the demand curve, the suppl
A manager of an inventory system believes that inventory models are important decision-making aids. Even though often using an EOQ policy, the manager never considered a backorder model because o