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Been sold some adult tickets and student tickets for a basketball game
each adult ticket cost $5
each student ticket cost$3
been collected $180 for the 50 tickets he sold
how many adult tickets did he sell?
how many student tickets did he sell?
Suppose the price of product B increases to 3. What happens to quantity demanded of both products?b. Calculate the arc cross-elasticity between product A and product B using prices for product B of 2 and 3. c. Are these goods substitutes or complemen..
how many years will it take the dollar's purchasing power to be one half what it is now. if the general inflation rate is expected to continue at rate of 6% for an indefinite period
If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college 2. Distinguish between accounting profit, economic profit, and normal profit. Does accounting profit or econom..
Allied company machines produces the output that it sells in the highly competitive market at the price of $100 per unit. Its inputs include two machines (which cost the firm $50 each) and workers
Your are the chief economic advisor to the King of Terra. The king has observed that while the price of energy has increased 20 percent over the past five years, consumers have actually increased their energy consumption by 10 percent over the sam..
What are the basic concepts that are key components of Gary Becker's "Theory of the Allocation of Time". That is, in words, what are the key elements of this approach In addition, what are the theoretical implications of this approach
Discuss how the article relates to concepts & theories (international investment) examined (clearly note the concepts & theories being illustrated)
Apply the concept of price elasticity to a purchasing decision you made within the past year. Give an example on how the elasticity of demand helped you determine whether a product or service was a luxury to have or a necessity.
A policy that results in a Pareto superior outcome will always satisfy the Kaldor-Hicks Criterion; however, it may not increase social welfare.
Describe an example of a particular health care good or service at the beginning of your posting and to what extent do the providers of the good or service influence consumers' decisions?
Indicate your understanding of the current state of the economy by reporting whether you believe we are in a recession, a trough, in a recovery, or at a peak of the business cycle given a comparison of current and historical levels of real GDP.
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