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Scarcity forces society to come up with a mechanism to determine how output is to be distributed. If society decided not to use price as an allocative mechanism (price determines who receives goods and services), then what would you suggest as an alternative? Explain your reasoning.
If there are multiple highest bids, then the winner is the bidder whose valuation is the highest or whose index is the smallest among the highest bidders.
Assume the annual demand for liquor in Mississippi. The supply of liquor is given by the equation Qs= 30,000P. Solve for the equilibrium annual quantity and price of liquor.
What lump sum of money (P) must be deposited into a bank account at the present time so that $500/month (A) can be withdrawn for five years (N), with the first withdrawal scheduled 6 years from today at a nominal interest rate (r) of 9% per year? [Hi..
If each nation grew at a constant rate over these years, in which year did the U.S. overtake the U.K. in terms of average income.
A. not say anything about the average annual rate of growth. B. concludes that its average annual rate of growth is about 5.5 percent. C. concludes that its average annual rate of growth is about 2 percent. D. concludes that its average annual rate o..
Which of the following policies are consistent with the goal of increasing productivity and growth in developing countries?
Jessica Alba, a famous actress, starts the baby and family products business, The Honest Company, with Christopher Gavigan. Alba and Gavigan set up their site so families can choose what kinds of non-toxic, Describe a skimming price and a penetration..
The BlackBerry production function is Q = 2.83L1.52K0.82. Epple et al. (2010) estimate that the production function for U.S. housing is q = 1.38L0.144M0.856, where L is land and M is an aggregate of all other mobile, non-land factors, which we call m..
Describe the least cost combination of L and K when output is produced at the rate of 1,000 tons per day. Determine the required outlay for 1,000 tons per day.
If a price taker in a competitive market is going to maximize profits, he must
Find the equivalent equal payment series (A) using an A/G factor such that the two cash flows are equivalent at 10% compounded annually. First cash flow: Start at -$50 at year zero and goes up every year in increments of $50 so at year five its at $2..
q1. a corporation is offered trade credit terms of 315 net 45 days.the corporation does not take the discount and
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