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Write a short paragraph in which you:
Illustrate what is the practical significance of income elasticity coefficients. Explain the significance using as examples an income elasticity.
The market for beer is perfectly competitive. The price of a barrel of beer is $40. Fine beers is a company that produces the beer and has a total cost funtion of TC = 480 + Q2. It also has a marginal cost given by MC = 2Q, where Q is barrels of beer..
An asset with a first cost of $240,000 three years ago is sold for $285,000. The asset was depreciated by the MACRS method and has a book value of $69,120 at the time of sale. Determine the amount of the capital gain, if any, and the amount of the de..
Explain the meaning of a Nash equilibrium when rms are competing with respect to price. Why is the equilibrium stable? Why don’t the firms raise prices to the level that maximizes joint prots? What is the DWL in this model?
Explain the foreign credential recognition issue in canada? How does it effect immigrants and immigration policy in Canada? Why is this a less of an issue in the USA?
Indicate whether each of the following statements is true or false, and explain why. Producer surplus tends to fall as the supply curve becomes more elastic. Consumer surplus tends to rise as demand becomes more elastic.
Explain why scarcity leads to trade-offs. What determines the slope of the consumption choice budget constraint? The labor-leisure budget constraint? The intertemporal budget constraint? Does the economic approach specify what choices people should m..
In recent years, Americans are finding new jobs but aren't finding employers willing to give meaningful pay increases. The unemployment rate is the lowest in 7 years. Never before has the unemployment rate been so low but wages have stayed so flat. W..
Consider the following: Tom owns an automotive parts store for specialty vehicles in New York, New York. Pete, who lives in Newark, Delaware, owns a specialty vehicle and is in the market to buy a muffler. Pete calls Tom and tells Tom that he has 196..
Midwest Media Inc. is a broadcasting firm that owns and operates radio and television stations in the Midwest. The firm is currently considering the purchase of a proximate fast food chain that is experiencing financial difficulty. What recommendatio..
An electrical energy audit indicates that the motor control center consumption is 8*10^6 kWh per year. By using high-efficiency motors a savings of 15 percent can be achieved. The additional cost for these motors is about $80,000. Assume a 20-year li..
When a industry's marginal revenue product equals the income rate, marginal revenue also equals marginal cost.
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