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1. Why is a piece of machinery(capital) usually considered a fixed input and Labor usually considered a variable input?
2. What determines if you are operating in the short run vs. the longrun?
Most empirical studies find that people with more formal education than others also in general tend to receive more on-the-job training during their careers. Why do you think this is true? What is the implication of this fact for the dispersion of wa..
Let's say your company sells units of salt for $1.00 and wants to increase its revenue by raising the price to $1.20 per unit. We know, from the table on page 102, the price elasticity of demand for salt is 0.1. A member of marketing says that means ..
Harry values a new jacket at $100 and buys it from Jenny at $80 (costing her $70 to produce it). Jim then offers Harry the same jacket at $60. Harry buys the jacket from Jim, and stops buying it from Jenny. Which of the following makes this event Par..
Fiscal Policy" Please respond to the following: Who is in charge of making fiscal policy? Determine what fiscal policy measure has a more direct impact to the economy. Is it an increase in government spending or an equal decrease in taxes if consumer..
Graph the demand curve, and give some verbal interpretation. Compute the intercept and slope of the demand curve.
A researcher has collected information from mailing 300 randomly selected individuals in the Lubbock community about their attitudes about undertaking cancer preventing activities including using sunscreen, reducing weight and tobacco usage. (a) What..
How would each of the following changes affect the demand curve for acupuncture?
A company deposits $1000 in a bank at the beginning of each year for 15 years. The account earns 6% interest, compounded every 6 months. What is in the account at the end of 15 years?
Using the demand and supply for money model, show what would happen to the price of bond and the interest rate for each of the following scenarios: a) The price level decreases b) The Federal Reserve decreases the money supply.
illustrate what can you say about the price elasticity of demand for DVD players. Will this price reduction necessarily lead to an increase in profits for DVD player manufacturers.
Suppose the supply curve of noisy surf-ski rentals on Sandy Bay beach is given by p=5+0.1xQ where p is the daily rent per unit in dollars and is the volume of units rented in hundreds per day. The demand curve for surf skis is p=20-0.2xQ . If each su..
Suppose that a certain country has an MPC of 0.9 and a real GDP of $500 billion. If its investment spending decreases by $8 billion, what will be its new level of real GDP?
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