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Assume the supply curve of truck drivers slopes upward and to the right and the demand curve for truck drivers slopes downward and to the right. A decrease in the price of diesel fuel for trucks will (increase/not change/decrease) the equilibrium wage of truck drivers and (increase/not change/decrease) the equilibrium number of drivers employed. A. Decrease; increase. B. Increase; decrease. C. Increase; increase. D. Not change; decrease. E. Decrease; decrease.
Which curve shifts, and in what direction, when the following event occur in the domestic car market? a) The U.S. economy falls into a recession. b) U.S. auto works go on strike.
jason likes to buy guitars and trumpets. his marginal utility of guitars is given by mug 7t0.310g0.3 and his marginal
If the price of motel room increases by 10% while the prices of other goods and services increase by 5% on average, the relative price of motel room has?
Compare and contrast the ticket prices and product offerings of the two airlines. Use care that the fares are comparable by examining ancillary charges. What conclusions do you draw about pricing and products?
BigBiz, a local monopsonist, currently hires 50 workers and pays them $6 per hour. To attract an additional worker to its labor force, BigBiz would have to raise the wage rate to $6.25 per hour. What is BigBiz's marginal factor cost?
How can you justify existence of government-granted monopolies for such public utilities as local telephone service, natural gas.
A "green" (environmentally friendly) office building costs as average of $3.50 per square foot each year to heat and cool. What is the total annual heating and cooling cost of an office building that has 10,000 square meters of space?
A perfectly competitive market is described by the demand Q = 70 - 2p and the supply curve Q =5p - 20. A firm in the market has a total cost equation of C = 16+ Q^2 + 2Q. Calculate the equilibrium price in the market.
What is the rate of return on an investment, if you pay 750 dollars for a bond 2 years after it is issued. And the bond pays you 65 dollars in the end of the year, for 8 years and 1000 dollars in the end of the eighth year.
Max has the utility function U(x, y) = x(y + 1). The price of x is $2 and the price of y is $1. Max’s Income is $11. How much x does Max demand? How much y? If his income doubles and prices stay unchanged, will Max’s demand for both goods double?
A boiler is being considered for a new process plant. The boiler can be fired either by natural gas, fuel oil, or coal. A decision must be made on which fuel to use. An analysis of the costs shows that the installed cost, with all controls, would be ..
The Nippon Switch Corporation is an importer and distributor of Japanese packet switches, special routing devices that direct data traffic to various computers on a large private telecommunications network for companies like GM, Sears and 3M. Calcula..
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