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A college football coach says that given any two linemen X and Y, he always prefers the one who is bigger and faster. Is this preference relation transitive? Is it complete? Explain your reasoning.
Suppose that a firm’s only viable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by two units and total costs to increase from $3,000 per week to $3,300 per week.
Compute the change in total income which is P times Q moving
A man borrowed 750 dollars from a bank. He agrred to repay the sum at the end of 3 years, together with the interest at 8% per year. How much will he owe the bank at the end of 3 years?
Suppose that every driver faces a 1% probability of an automobile accident every year. An accident will on average cost each driver $10,000. Suppose there are 2 types of individuals:those w/$60,000 in the bank and those with $5000 in the bank.
Demand by senior citizens for showings at local movie house has a constant price elasticity equal to-4. The demand curve for all other patrons has constant price elasticity equal to-2.
To determine the average typing speed of 700 students who just finished word processing 101, a group of 20 students is randomly selected. It is determined that the average typing speed is 47 words per minute.
An open economy has the following pattern of income and domestic expenditure: For each of the three years, evaluate the balance of trade facing the economy.
Illustrate the difference among the midpoint price elasticity.
What is the repricing gap? In using this model to evaluate interest rate risk, what is meant by rate sensitivity? On what financial performance variable does the repricing model focus? Explain.
Long-run real interest rates are expected to increase. An accountant and an MBA student (who just finished his course of Managerial economics) were interviewed regarding the effect on the firm they both work at.
Explain the general progression of market structures. If you were to begin a brand new market, what is your market structure and then what might happen?
Calculate the price elasticity of demand for the product below using average values for the prices and quantities in your formula.
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