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Which of the following would cause the demand curve for rice to shift to the left?
A rise in the price of rice.
A blight that destroyed 75% of the rice harvest.
A report claiming that the starch in rice causes heart disease.
A tariff that doubles the price of imported spaghetti.
Let a monopolist face a demand function given by P(q) = 40-q and let the cost function be given by C(q) = 50 + q2. Calculate marginal revenue. What price will the monopolist charge, call that price P*? What is the average cost at the quantity of outp..
A shortage of a good occurs when: Who ultimately pays the tax depends on who writes the check to the government. If a buyers pay $10 per unit and sellers receive $8.50 per unit the tax is 1.50 per unit
Santiago is from Spain but lives in Texas. Ryan is from England but he lives in Arizona. A car dealer in Texas buys a new BMW from a BMW factory in Arizona for $51,567 and later sells the new BMW to the final buyer, who is Santiago for $75,120. Later..
Assume your local congressman calls you for some economic advice. He wants to sponsor legislation to increase public spending on such common medical interventions as because he’s been told early detection saves money:
In early 1980s, U.S. economic policy was directed toward reducing inflation. Illustrate what would you have expected to observe during this short period of time.
If the price that a firm charges is higher than its ________________ cost of production for that quantity produced, then the firm will earn profits.
Suppose you are considering the purchase of a 2011 Ford Explorer. The car costs $22,000 and you plan to make a $2,000 down payment. For a 48 month lease, the APR is 4.9%. What is your monthly payment? What happens to your answer if you extend the loa..
Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force..
Mention three businesses that you are familiar with or that you have dealt with recently. Decide on which market structure that these businesses fit – perfect competition, monopolistic competition, oligopoly, or monopoly. What characteristics were mo..
Firm manufactures bicycle component upgrade kits. Kits have a short-run average variable cost of $48 and are sold for $66 each. What is breakeven level of daily output for firm.
Question 1: Which of the following approaches to understanding and predicting consumer behavior depends primarily on the knowledge and experience of a firm's employees and its suppliers?
The value of the firm is the:
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