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In? economics, the short run is the time frame in which? ______ and the long run is the period of time in which? ______. A. the quantities of some factors of production are? variable; the quantities of all factors of production are fixed B. the quantities of all factors of production are variable but technology is? fixed; sunk costs are variable C. the quantities of all factors of production are? fixed; the quantities of all factors of production can be varied D. the quantities of some factors of production are? fixed; the quantities of all factors of production can be varied
Find a purely/perfectly competitive industry. State why this industry is a purely competitive market. Give examples as to why. Please use the drop box to submit your extra credit assignment.
What are the average money holdings when the individual makes the optimal number of trips to the bank?
Good People is currently selling beer for $3 per pint. The marginal cost of a pint is $.50. If we raise the price of the beer to $5, what percentage of customers must be maintained to ensure Good People at least stays even with the proposed price inc..
Why the number of tools (instruments) has to be less than or equal to the number of economic objectives (goals).
Analyze the effect a $300 price ceiling would have on the market for ten-speed bicycles. Would this be a binding price ceiling?
Brazil has a population of about 200 million, with about 145 million over the age of 15. Of these, an estimated 25 percent are functionally illiterate. The typical literate individual reads only about two no academic books per year, which is less tha..
Consider the market for insurance against car theft. Some people are more likely than others to have their car stolen. Because insurance companies have less information about this risk than their customers do, the market for car theft insurance suffe..
The United States has an absolute advantage in making many goods, such as short-sleeve cotton golf shirts. Why do Cost a Rica and Bangladesh make these shirts and export them to the United States?
Last year, Jarod left a job that pays $80,000 to run his own bike-repair shop. Jarod’s shop charges $65 for a repair, and last year the shop performed 5,000 repairs. Jarod’s production costs for the year included rent, wages, and equipment. Jarod spe..
Define the equilibrium of a market. Describe the forces which move a marketplace toward its equilibrium.
Soft selling occurs when a buyer is skeptical of the usefulness of a product and the seller offers to set a price that depends on realized value. For example, suppose you're trying to sell a company a new accounting system that will reduce costs by 1..
Compute the compensated demand (at the new prices) for the following utility functions. Assume I = 1, initial prices are px = 1 = py, and price of x rises to p?x = 3 while py is unchanged.
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