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Q1. Assume that a doctor who lives alone hires the services of a maid also pays her $15,000 a year to clean his house. Assume that he marries her the subsequent year. Other things equal, which of the following would be true concerning the reported official GDP the following year?
Q2. The current price, paid by businesses, for your widget is 3.00. The current quantity you sell to various businesses is 150,000 per month. You decide to cut the price of your widget from 3.00 to 2.70. You expect (based on internal forecasts) that the quantity you will be willing and able to provide to your customers will decrease from 150,000 to 138,750 per month. What is the effect on total revenue?
Price elasticity of demand is 1.5 and a firm raises its price by 20 percent the quantity sold by the firm will ceteris paribus.
Which is a tax on profits generated from mining of iron ore and coal.
Prices the selling monopoly charges for TV sets in periods 1 and 2.
All costs of exhibiting movies are fixed except for the $3.50 royalty payment you must make to the film distributor for each ticket sold.
Distinguish between the resources market and the product market in the circular flow model.
Define Mercantilism, Pick a country and talk about the products they import and export with the U.S.A. Also talk about the composition of trade with relation of abundance of the two countries
Suppose that there is a unit mass of consumers who are uniformly distributed on the segment[0,1]. Two firms are located on the line and sell identical products.
Why do monopolistic competitors have a tendency to advertise much more than perfectly competitive firms?
James earned $10,000 in income in his new job in Nova Scotia after the move and his employer paid him $1,000 specifically to cover the cost of the move, but doesn't specify what it can be used for.
Someone proposes to buy the farm from you for $1 million. Would you make more by selling the farm or keeping it
Briefly discuss the impact of rational self-interest on each of the following decisions. Whether to attend college full time or enter the workforce full time.
Does the law of diminishing marginal returns apply to this firm's production process. If so, explain why and find the quantity of labor at which diminishing marginal returns.
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