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Assume the market for hammers is perfectly competitive and the current price is $15. If, at this price, the quantity of hammers demanded is 15,000, while the quantity supplied is 25,000, then
A. the market for hammers is in equilibrium.
B. the price of hammers is likely to increase.
C. the price of hammers is likely to decrease.
D. there would be no change in price.
Point Production of X Production of Y A 0 40 B 3 36 C 6 28 D 9 16 E 12 0 The above table shows production combinations on a country's production possibilities frontier. What is the opportunity cost of increasing the production of X from 0 to 3 units?..
Which of the following is an example of roundabout production? Paul pays Ringo to wash his car. A church has a bake sale to raise money for a new narthex. Jane saves her money to buy a stereo.
In addition, the business agrees to pay the inventor a royalty equal to five percent of its sales revenue from these products over the next ten years.
Pat, a lawyer working for a large law firm and earning $62,000 per year, is contemplating setting up her own law practice. She estimates that renting an office would cost $11,000 per year; hiring a legal secretary would cost $22,000 per year; How muc..
Lenny was a resident of Maine and Milly was a resident of Arizona. Both went on vacation to Nevada. When on the golf course, Lenny drove the golf car recklessly, hit Milly, breaking her back. Milly suffered damages of $84,000. Indicate which states c..
How does Ticketmaster's "dynamic pricing" affect ticket sales, total revenue and profit? Does Ticketmaster provide a valuable service, or is it a necessary evil to purchasers of event tickets?
Compute the point elasticity of demand at this TR-maximizing price also quantity. Does the elasticity have the expected value.
Describe some of the changes in the "what, how, and for whom" to produce for questions that would occur if Boeing manufactured all its components to make its Dreamliner at its own factories in the United States.
A firm expects to earn $14,000 a year on $112,000 investment. Calculate the expected profit rate. Show work. This firm would be willing to make this investment provided the interest rate is lower than what?
Consider the following two-firm Cournot game. Suppose market demand is given by the equation P=24-Q, where Q= qA+qB. Suppose each firm has only four options: 6,7,8, or 9 units of output. What is/are the nash equilibrium for this game? Does the domina..
Two investments involving a virtual mold apparatus for producing dental crowns qualify for different property classes. Investment A has a cost of $59,500.00, lasts 9 years with no salvage value, and costs $150,000 per year in operating expenses.
Consider the budget of the U.S. government. First, give an overview of the size of government in the U.S. For example, how large is the U.S. government relative to historic trends or other countries? Second, discuss what are the primary sources of re..
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