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Assume the demand for plastic surgery is price inelastic. Are the following statements true of false? Explain.
a. When the price of plastic surgery increases, the number of operations decreases.
b. The percentage change in the price of plastic surgery is less than the percentage change in quantity demanded.
c. Changes in the price of plastic surgery do not effect the number of operations.
d. Quantity demanded is quite responsive to changes in price.
e. If more plastic surgery is performed, expenditures on plastic surgery will decrease.
f. The marginal revenue of another operation is negative.
A firm sells its product in a perfectly competitive market where or firms charge a price of $80 per unit. Illustrate what price should firm charge in short run.
A material handling system was purchased 3 years ago for $120,537. Two years ago it required substantial upgrading at a cost of $14,340. It once again is requiring an upgrading cost of $24,925. Alternately, a new system can be purchased today at a co..
Illustrate what Monetary Approach Tools should the Federal Reserve utilize to fight inflation. Describe them thoroughly.
Which of the following arguments strengthen the idea of floating exchange rates? A. Trade deficits can be corrected through changes in exchange rates. B. Changes in exchange rates will not impact the trade balance in the country. C. Governments shoul..
Illustrate what is the difference between absolute advantage and comparative advantage. If a country has an absolute advantage in both goods.
Pepsi uses advertising to create the impression that Pepsi is superior to any other soft drink. Pepsi is attempting to:
20 years ago John invested $10,000 in a mutual fund. The value of his investment declined by 19% during the first year and then declined another 30% during the second year. 18 more years have passed, and john's cumulative return on the 20 year period..
The local government does not directly charge their residents for collecting garbage. However, the city faces increasing marginal costs of MC=1+0.6Q per ton. Residents' market benefit for garbage is MB=250-2.2Q per ton. How much garbage will resident..
What is the equivalent annual worth of costs for the website over a total of 6 years at an interest rate of 12% per year.
Income inequality and poverty affect us in many ways we may not think about. Gregory W. is a homeless man in Louisiana who was arrested for stealing food from a grocery store. What would be a fair way to hold this man accountable for his theft? When..
Compute the short- run and long- run results, explain the changes in the price and in the number of firms.
some firms leave the industry and the industry returns back to a long-run equilibrium. Illustrate what will be the new equilibrium price, assuming cost conditions in the industry remain constant.
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