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1. Assume that you were ready to buy a custom tailored dress (or men’s suit) and you are prepared to pay up to $200 for it. Also assume that the tailor is prepared to sell that item of clothing for as little as $100.
When you arrive at the tailor shop, the posted price for the item is $150. Discuss how this scenario relates to producer and consumer surplus and how such surpluses, if any, affect buying and manufacturing decisions
2. Discuss any recent purchases you have made and for which you feel that a similar rational seemed to be at work.
Gasoline prices typically rise during the summer, a time of heavy tourist traffic. A “street talk” feature on a radio station sought tourist reaction to higher gasoline prices. Here was one response: “I don’t like ’em [the higher prices] much. I thin..
Suppose you have a sample of body weights from a population of males above 20 years of age. Your sample size is 121 men. Body weights are approximately normally distributed. Your sample mean is 190 pounds, and your estimated population standard devia..
BigBiz, a local monopsonist, currently hires 50 workers and pays them $6 per hour. To attract an additional worker to its labor force, BigBiz would have to raise the wage rate to $6.25 per hour. What is BigBiz's marginal factor cost?
Illustrate what is your opinion of the restaurateur's decisions. Would you recommend that she accept the $66,000 offer.
take a country named konowland that has an electoral college system. suppose there are nine small states in konowland
After wearing seat belts became malsoatory, drivers reacted by driving faster also less carefully. This is consistent with Illustrate what Principle of Economics.
Outline and describe in order of sequence the key items that led to the War of Independence. Explain why the navigation laws were so important to England. Explain the whys of the policy of salutary neglect.
Elucidate how much the money supply will increase in response to a new cash deposit of $500 by completing the accompanying table.
Assuming that the marginal product of labor is constant between 10 also 11 workers also the marginal product of capital is constant between 3 also 4 machines.
Illustrate what is point cost elasticity of demand with respect to company f for values of independent variable.
If today is Year 0, what is the future value of the following cash flows 10 years from now? Assume an interest rate of 6.9 percent per year.
Draw their budget set (the combination of housing and other goods that they can afford) in housing-other goods space.
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