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Kim and Pat underwrite insurance. Each underwrites 50 accounts per month. Each account takes four hours to underwrite. The value of their time is $40 per hour. Monthly costs for each are $1,500 for an office, $2,000 for a receptionist, and $2,400 for a secretary. Calculate the average and incremental cost per case for Kim and Pat.
Elucidate which methods resulted in the most hits. Elucidate which methods resulted in few or no hits.
Illustrate what can you say about the change in equilibrium price and quantity.
If the economy is in a recession and prices are relatively stable, then the discretionary fiscal policy or policies that would most likely be recommended to correct this macroeconomic problem would be:
Conflicts of interest are an ethical problem for a business because they _______. One of the biggest issues in consumer privacy is when _______. Which of the following is the best definition of privacy?
Provide examples of different tools businesses use to identify the elasticity of their different customers. Also elucidate how the financial aid department determines student elasticity.
States apply high excise tax rates on cigarettes. Which of the following is an accurate statement about such taxes?
Suppose that some foreign countries begin to subsidize investment by instituting an investment tax credit. What happens to the investment in our small open economy? What happens to our trade balance? What happens to our real exchange rate?
For each of the following cost-output relationship, describe the shape (U-shape, Decrease, increase, constant) of the average total cost and marginal cost function (C=total cost, Q = output).
Increase in Government expenditure makes increase in real GDP via multiplier process. If the effective multiplier for fiscal policy is 2, how much change in government purchases would be required to close a 500 billion negative output gap, other thin..
Suppose that a proposal is under review to strengthen the NPDWS for benzene, and the associated abatement level would generate a marginal social benefit (MSB) that is greater than the marginal social cost (MSC) by $125,000. On efficiency grounds, sho..
Explain what a market is by giving a definition of the term “market” in expressions like “the market for wheat,” “the U.S. market for anaesthesiologists,” and “the market for the common stock of company X.
Assume a firm both sells its products and purchases its resources in purely competitive markets. Under the above assumption, state the criterion (necessary and sufficient condition) for a firm to employ its resources in such a manner as to minimize i..
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