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Johnson Inc. is notified that local property taxes have raised. Johnson's economist states this will increase our cost of production and shift up our average total cost curve, average variable cost curve, and marginal cost curve. Is this true? Carefully Explain.
What is the interrelationship between the four financial statements? Why is it important to make comparisons using ratio analysis? What are the different ways you can make comparisons?
What are "normal" goods? Give an example in our current economy and what are "inferior" goods? Give an example in our current economy.
What is the profit-maximizing price of carpets? What is the maximum amount of profit that the firm can earn selling carpets?
Describe the effect of increase from 1998-1999. How would the increase in demand affect the price? How would the price effect depend upon the price elasticity of supply? Please describe how. (Explain the illustration instead of actually drawing it)
Determine Acme's total profit function. Assuming that Acme is effectively able to charge different prices in the two markets, what are the profit-maximizing price and output levels for the product in the two markets? What is Acme's total profit und..
Two partners who owns IT Business Solutions, a company supplying specialist software, operate out of an office in Fourways, Johannesburg but have discovered a vacant office building close to Sandton City.
The demand for personal computers can be characterized by following point elasticity = -5, cross-price elasticity with software = -4, and income elasticity = 2.5. Indicate whether each of following statements is true or false, and describe your an..
Describe each of the subsequent using supply and demand diagrams.
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?
In the absence of a quota, what is the equation for the total supply of wine? Show your work - what are the equilibrium price and quantity of wine? Show your work.
Describe why it would cost Andre Agassi or Venus Williams more to leave professional tennis tour and open the tennis shop than it would for the coach of the univeristy tennis team to do so.
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution and price elasticity of demand.
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