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1. When the price of a box of herbal tea bags rises from $0.99 to $1.21, the quantity offered for sale rises from 400,000 to 600,000. What is the price elasticity of supply?
2. When the price of wheat rises from $2.34 to $2.46, some farmers switch crops, and the amount of barley offered on the market falls from 101 million bushels to 99 million. What is the cross elasticity of supply?
3. When the wage rate rose from $6.25 and hour to $6.75 and hour, employment in Fastfood, Inc. fell from 5,100 to 4,900. What is the price elasticity of demand for labor?
Are marketing ethics critical to successful marketing. What do you think marketing ethics is central to building brand loyalty.
Write down his budget constraint and a utility function that captures his preferences. Draw his budget constraint and three of his indifference curves.
Suppose that a consumer has a choice between two goods, X and Y. If the price of X is $2 and the price of Y is $3, how much of X and Y does the consumer purchase, given and income of $17? Use the following information about marginal utility?
Why would a nation such as the United States, which can presumably produce everything it needs itself, choose to trade with other nations?
Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1987 to 2005. Year REAL GDP (2000 prices) population 1987 $6,435,000 million..
If average total cost is declining, then: A. marginal cost must be greater than average total cost. B. the average fixed cost curve must lie above the average variable cost curve. C. marginal cost must be less than average total cost.
our friend wants to pay off her two debts in a single payment. The first debt is $570 due in 8 months, and the second is $1,380 due 1 1/2 in years. What will that single payment be if she wants to make it at the end of 1 year given a compound inter..
You're the manager of a paper mill and have been subpoenaed to appear before a joint session of the Senate Consumer Affairs and the Senate Environmental subcommittees.
Suppose you are considering putting your savings in an investment fund. One scenario projects stable prices, and therefore, low returns. The other scenario involves high inflation and, consequently, high returns
A small-volume foreign auto maker limits the number of its franchised dealers in the United States and gives them exclusive territories. There are also non-dealers who have no official connection with the manufacturer.
3.Should the Fed remain independent from political authority or should the President and Congress have a say in their operations Why Why not 4.What is FOMC What is the current Federal Funds Rate
Assume that capital and labor both exhibit diminishing marginal returns, so that capital can be substituted for labor in the production process (and vice versa), but capital and labor are not perfect substitutes. How would such a tax affect the rel..
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