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Anne has a job that requires her to travel three out of every four weeks. She has an annual travel budget and can travel either by train or by plane. The airline on which she typically flies has a frequent-traveler program that reduces the cost of her tickets according to the number of miles she has flown in a given year. When she reaches 25,000 miles, the airline will reduce the price of her tickets by 25 percent for the remainder of the year. When she reaches 50,000 miles, the airline will reduce the price by 50 percent for the remainder of the year.
Graph Anne"s budget line, with train miles on the vertical axis and plane miles on the horizontal axis.
Suppose there are two countries that are identical with the following exception. The saving rate in country A is less than the saving rate in country b. Given this information, we know that in the long run
Some states are planning that ethanol be mixed with gasoline to comply with anti pollution laws. Ethanol can be made from corn. Determine what effect are these rules having on the equilibrium price and quantity of corn?
Consequently, an example of an Islamic-sound banking practice is a system in which depositors deposit money to participate in profit-sharing and the banks provide funds to borrowers on the same principle with a mark-up as payment for their financi..
The MidNight Hour, a local nightclub, earned $100,000 in accounting profit last year. This year the owner, who had invested $1 million in the club, decided to close the club. What can you say about economic profit (and the rate of return) in the n..
Using the AD-AS model explain how the economy will adjust in the long run. Should the government undertake any proactive fiscal or monetary policy in this situation?
A "run on gasoline" occurs when consumers' fears of gas shortages in the future lead them to demand more gasoline now. Using supply and demand analysis, which of the following is consistent with this situation
What is the primary facet of monopolist competition that does not allow for long run pure economic profit If the firm is making short run pure profit, what should eventually occur What can it do to stave off this in the long-run
What subsidy is necessary to induce the monopolist to produce the socially optimal level of output?
What happens to the scale of firms in the long run What motivates firms to choose the scale of operation that they do How does the market adjust in the long run when firms are earning short-run economic profits
In the long run, the most helpful action that a monopolistically competitive firm can take to maintain its economic profit is to lower price
According to theory, if you lower interest rates, business investments and consumer purchases of large durable goods are supposed to increase. In return, this is to help pull us out of a recession. However, this policy of extraordinarily low inter..
Given that milk and cookies are complements, suppose the price of flour (an ingredient in cookies) rises. What happens in themarket for milk. In a competitive market, when price is below the equilibriumprice, there will be pressure for the price to.
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