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Indicate whether each of the following statements is true or false, and explain why. A. Producer surplus tends to fall as the supply curve becomes more elastic. B. Consumer surplus tends to rise as demand becomes more elastic. C. The market demand curve indicates the minimum price buyers are willing to pay at each level of production. D. The market supply curve indicates the minimum price required by sellers as a group to bring forth production. E. Consumer surplus is the amount that consumers are willing to pay for a given good or service above and beyond the amount actually paid.
Which of the following statements uses economic vocabulary correctly?
Lorelai purchases an inn in 2004 for $200,000. Today (2016) if she wants to operate it as a bed and breakfast she would have to pay her cook $25,000/year, her assistant manager $50,000/year, and $10,000 in electric bills. What are the economic costs ..
Could not Ethiopia become a world class producer and exporter of goods? How would Ethiopia compare with Japan? Japan is a country relatively POOR in natural resources, yet it is an economic world powerhouse. What are the differences between the tw..
Government sponsored job training program is no different from any other form of resource transfer since resources have been taken from higher valued uses to a lower valued use.
Illustrate how each of the following events would shift the AS schedule and potential RGDP, thereby altering equilibrium prices and output levels in the economy. Use an aggregate supply-aggregate demand diagram in your explanation and assume that the..
What is smallest integer price that would make a firm willing to produce a positive amount. Suppose that Dent Carr's long-run total cost of repairing s cars per week.
Discuss at least three items that are common pitfalls when setting up a budget. Discuss how you will plan for opportunities to attend conferences or workshops that are important to your marketability but the expenses are not covered by your employer
Suppose that the Fed intervenes in the foreign exchange market to lower the value of the dollar. Assuming that domestic and foreign assets are perfect substitutes, use T accounts of the Fed to show how an unsterilized foreign-exchange intervention di..
q.suppose there are two types of workers high ability and low ability. the training program costs 15000 per year for
How much is she actually paying the credit card company, including interest, when her credit card is paid off?
Assume that there are two types of consumers. In particular, consumers of type 1 has utility function u(x, y) = x^0.5 y^0.5, whereas consumer of type 2 has u(x, y) = x^0.3 y^0.7. Both of them have income given by I>0, and the prices denoted are by PX..
Median length of stay was 1.1 days shorter when a hospitalist cared for a Medicare patient. Median cost per case was $853 less (excluding physician fees). There were no significant differences in mortality, 30-day readmissions, or transfers.
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