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1. Tickets to a rock concert sell for $10. But at that price, the demand is substantially greater than the available number of tickets. Is the value or marginal benefit of an additional ticket greater than, less than, or equal to $10? How might you determine that value?
2. Which of the following combinations of goods are complements and which are substitutes? Can they be either in different circumstances? Discuss.
a. a mathematics class and an economics class
b. tennis balls and a tennis racket
c. steak and lobster
d. a plane trip and a train trip to the same destination e. bacon and eggs
Assume that a profit-maximizing monopolist currently produces and sells 100 units of good X at a price of $10 per unit. If average total cost and marginal cost are constant at $5 per unit, which of the following government policies will most likel..
Suppose that the market for the services of hookah bars is in long-run equilibrium. (1) more cities end regulations that had generated fixed costs for hookah bars, and (2) many nonstudent adults discover previously unknown preferences for the serv..
If a representative company with long run total cost given through TC = 50 + 2q + 2q2 operates in a competitive industry where the market demand is given through QD = 1,500 - 40P,
Using the production function shown above, compute real GDP for each case and capital is constant but labour is increasing. What property of the production function is displayed? Explain.
Given the optimal order quantity calculated above, if the average inventory is 136 cartons, then the monthly holding cost is ____ dollars, and the total cost including the cost of supply or the total unit cost for all units, holding and ordering i..
Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
Which of the following statements best describes the retail market for electricity - Estimate the (own) price elasticity (of demand).
Compute the cash flow for the 20 years for the cogeneration system as an increment relative to the avoided cost of utility electricity and natural gas
What is the bond coupon rate on a $25,000 mortgage bond that has semiannual interest payments of $ 1250 and a 20-year maturity date?
In 2007 the U.S. was faced with two events. At the beginning of 2007, oil prices more than doubled. A financial crisis hit the economy starting in August 2007 causing a reduction in consumer and business spending. These events led to a rise in th..
Suppose you bought a ticket to a football game for $30 and that you place a $35 value on seeing the game. If you lose the ticket, then what is the maximum price you should pay for another ticket?
The population proportion of economists predicting growth of at least 2.5% in real gross domestic product. The variance of the sample proportion of economists predicting growth of at least 2.5% in real gross domestic production.
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