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In your own words, describe the meaning of average cost. You normally buy a crate of wine for $75. One crate has 6 bottles of wine. After a month, the store clerk informs you that the same crate of wine now costs $82. However, there are 7 bottles in a crate. To the nearest cent, determine the average cost of the crate from last month to now. ____(20 points) In your own words, describe the meaning of marginal cost. You normally buy a crate of wine for $75. One crate has 6 bottles of wine. After a month, the store clerk informs you that the same crate of wine now costs $82. However, there are 7 bottles in a crate. To the nearest cent, determine the marginal cost for one additional bottle of wine now. (20 points) In your own words, describe the meaning of unit travel. When traveling on a Greyhound bus, without intervention or obstruction, it is important to determine the unit travel time. If you leave Cleveland in a bus full of 24 passengers and arrive Cincinnati in 3 hours, what will be the average unit travel time in person minutes? ____(20 points) What is CPI? Given that the CPI trends for travel time for 2010 and this year are 183.42 and 191.35 respectively, calculate the current value of travel time if it was $24.50 per hour in 2010. ____(20 points)
Prior to 1999, PepsiCo did not have a product that competed directly against Sprite and had to decide whether to introduce such a soft drink. By not introducing a lemon-lime soft drink, PepsiCo would continue to earn a $200 million profit, and Coc..
1. movie tickets prices increased by 5 and resulted in a 8 drop in sales. what is the price elasticity of demand?2. if
Explain how high does the stock price have to rise for the option strategy to be more profitable.
use the data on u.s. real gdp below to compute real gdp per person for each year. then use these numbers to compute the
What are some of the reasons why there is such a significant decline in growth rate and define and explain how these three key economic indicators are calculated.
Suppose the only firm in an economy produces $10 worth of final goods in a year and only sells $9 of goods that year. We know that GDP can be equivalently be thought of as either total spending on new goods and services in an economy.
1. assume c 20 .75ydnow assume that government spending is increased by 12 billion. that would increasedecrease
Illustrate what are the three major categories of revenues for the federal government. Please comment on each and indicate their relative importance to each other.
Assume the United States increases the tariff on automobiles imported from Germany (and other foreign countries). What is the effect of this tariff-rate increase.
question 11. a college stadium capacity is 7000.nbsp if the school management wanted a full house for the coming home
In economics, demand for a product is considered downward sloping. This implies that quantity demanded rise when price reduce.
Important information regarding calculating elasticity for each of the given variables
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