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Since producers must be compensated for the rising opportunity cost that accompanies increases in output,
a. the law of demand applies to most markets
b. supply curves usually slope downward
c. demand curves usually slope downward
d. supply curves usually slope upward
e. technical inefficiency would not exist in the long run
The GDP is a total market value of final goods and services produced within a country over time. Why is this a reflection of this country's cost of living so varied making expenditures.
Currently, the retailer sells 50 suits per week for $200 each. The retailer wants to sell the entire stock of 200 suits during the next year. What should be the sales price?
As vice president of sales for a rapidly growing company, you are grappling with the question of expanding the size of your direct sales force.
Elucidate what would be the immediate and long run effects on c, k, and y. Explain by drawing the path of these variables. Consider that you impose the new saving rate.
If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium.
Now suppose that the interest rate falls to 50 percent, and the household decide not to borrow or lend at all. Is the household better off or worse off with the higher interest rate?
Calculate income elasticity of demand for both X and Y at that point. Calculate an approximate cross cost elasticity of demand for Y when Px changes from 5 to 6.
If the number of trucks (K) decreases by 10% next year, how much will output (Q) decrease? What type of returns to scale is consistent with the above production function?
AMS recently instituted an in-house reprocessing program. The profits of this program include not only the benefits to the environment of recycling but also the goodwill generated by AMS's leadership in this area.
What is the equivalent uniform annual cost of one machine in years 1 through 7 at an interest rate of 7% per year?
why or why not bert is in a set salary he drinks 4 bottles of tea and 10 slice of bread.the price of tea is $10 and $4 per slice of bread.the last bottle of tea added 50 units to berts utility and the last slice of bread added 40 units.is bert ma..
How does global economic competition impact the domestic market and decisions related to the strategy a firm uses to compete? Why do some economists oppose trade restrictions? Explain your answer.
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