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Which of the below are examples of substitute goods
A. Butter and oil
B. Bottled water and tap water
C. pencils and paper
D. All could potentially be substitute good depending on the preference of the buyer
E. None of the above could be substitute goods
From the scenario, suggest substantive ways in which Herb and Renee may use the information in the table in order to ascertain the profit maximizing level of output and price. Provide a rationale for your decision.
If planned aggregate expenditure (PAE) in an economy equals 2,000 + 0.48Y and potential output (Y*) equals 4,000, then this economy.
Describe your matter, with a brief summary of the key things which make your matter interesting. Illustrate what are the key positive also normative questions surrounding your matter.
Illustrate how do these two relate to each other in the Circular Flow Economy and to the Government and Foreign Sector components? How does all this fit on a Wheel of Income.
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
A newspaper has a monopoly on the local news market in a town. The market demand is given by P=1.70-Q/20,000, making the marginal revenue MR=1.70-Q/10,000. The marginal cost is constant at equal to 0.80. The fixed cost is 2,000. So, the total cost is..
q1. labor costs 12 per hour. nine workers produce 180 bushels of product per hour whereas 10 workers produce 196
You are the manager of a firm which produces also markets generic type of soft drink in a competitive market.
In an application of the Harrod-Domar model, suppose the only final-goods industry in a country is the making of cotton shirts. The factories, machinery and warehouses used in production were purchased previously and are still worth $3 billion. Each ..
Consider a market for online movie rentals. The market supply curve slopes upward, the market demand curve slopes downward, and the equilibrium rental price equals $3.50. Consider each of the following events, and discuss the effects they will have o..
A particular good, an 8 percent increase in price causes a 12 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
most people feel health care is priceless however health care comes with a steep cost. what factors must be considered
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