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Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix the same kind of meal in 2 hours, and his opportunity cost of one hour is $20. Will both Julia and Jacque be better off if she pays him $45 per meal to fix her meals?
Over a period of years, a toothpaste has received a mean rating of 5.9, on a 7-point scale, for overall customer satisfaction with the product. Because of a minor unadvertised change in the product, there is concern that the customer satisfaction ..
Production engineers at Sinotron believe that a modified layout on its assembly lines might increase average productivity (measured in the number of untis produced per hour). However, before the engineers are ready to install the revised layout o..
The industry demand function for bulk plastics is represented by the following equation: P=800-20Q Where Q represents millions of pounds of plastic. The total cost function for the industry, exclusive of a required return on invested capital, is TC=3..
The Federal Reserve has just purchased $100 million in Treasury bills from commercial banks. b. If the public holds a fixed amount of currency (so that all loans create an equal amount of deposits in the banking system), the minimum reserve ratio ..
What is the multiplier? How is it calculated? Why is the multiplier related only to consumption spending?
You are the manager of a monopolistically competitive firm, and your demand and cost functions are given by Q = 36 - 4P and C(Q) = 124 - 16Q + Q2. a. Find the inverse demand function for your firm's product. P = - Q b. Determine the profit-maxi..
Calculate output per worker and consumption per worker for each country. Which country has the highest output per worker? The highest consumption per worker?
Q1 kilowatts are produced at facility 1, and Q2 kilowatts are produced at facility 2 (so Q = Q1 + Q2). The costs of producing electricity at each facility are given by C1(Q1) = 8,000 + 6Q12and C2(Q2) = 6,000 + 3Q22, respectively. Determine the pro..
Groupon is a popular group purchasing and daily deals website. In a current promotion, a local restaurant to sold buffet vouchers at a step discount on Groupon's website.
Suppose there is an increase in supply (rightward shift in supply). Consider two graphs. In Graph [X], demand is relatively inelastic. In Graph [Y], demand is relatively elastic. Which of the following is true?Suppose Bill gets a pay raise of 12%, ..
A monopolist has two types of customers. There are 100 of Type A, who will each pay up to $10 for a single unit of the good, and 50 of Type B, who will each pay up to either $8. Neither is willing to purchase additional units at any price. If it m..
Wishwell Tile Corporation uses the number of construction permits issued to help estimate demand. The company collected the following information on yearly sales and number of construction permits issued in its market area:
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