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When long-run average costs are rising, short-run and long-run marginal costs: (a) Intersect above average costs; (b) Intersect below average costs; (c) Intersect at the level of average costs; (d) Never intersect.
Consumer surplus is the buyer's willingness-to-pay minus the seller's opportunity cost of production. If your willingness-to-pay for a hamburger is $3 and you paid $2, then your consumer surplus is $5.00. The opportunity cost of production for a sell..
A particular market structure has the following characteristics: the cross-price elasticity of the goods bought and sold in this market is +3.0, firms must lower price to sell more, and there is relatively easy entry into this market.
Why might the U.S. have a comparative advantage in bioinformatics but not in manufacturing and steel making.
Consider the following facts. After the age of 25, persons with college degrees earn more than persons with no education beyond their high school degrees, ceteris paribus. Moreover, persons with high school degrees earn the same as persons who have h..
Explain how a combination of fiscal and monetary policies could change the composition of GDP towards consumption and away from investment without changing the level of aggregate demand.
Which of the following best describes the classical view of economics?
Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. On the basis of a survey, you have determined that reducing the price of an average meal to $18 would increase the quantity d..
Assume an initial exchange rate where $1 = €1. An American company sells $10 million in goods to a German firm. The American company will receive less than $10 million in revenues if (assume no transactions to prevent exchange rate risk):
Describe the relationship of race, class, and gender and its effect on health and mental care delivery in the United States. What steps could be taken to guarantee that all have the same access to the appropriate health care? Should funds be made ava..
1. you are a manager for a regional health system. using an estimate of the price elasticity of demand of -0.25 how
Using the consumer buying matrix p 256, analyze a consumer purchase you plan to make sometime in the future. What factors affected the selection of the attributes and weights you chose for this purchase analysis?
elucidate classical economists stressed the long run?its your birthday and your uncle opens his wallet and gives you a
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