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Suppose that the market price for a bottle of vitamins is $2.50 and that at that price the total market quantity demanded is 75,000,000 bottles. How many firms will there be in this industry? Suppose that, instead, the market quantity demanded at a price of $2.50 is only 75,000. How many firms do you expect there to be in this industry?
An engineering department is considering purchase of an advanced computational fluid dynamics software system to enhance productivity. the initial cost of the software is $55,000 but is expected to result in efficiency savings of $25,000 the first..
Consider the story: Sonya earns $900 per week working as a nurse at Mercy Hospital. She uses $300 to purchase a recliner at Sears. Sears pays Victoria $800 per week to work as a sales associate. Victoria uses $400 to purchase medical services at Me..
A company is considering purchasing a fleet of delivery vans which are available with either a diesel or gasoline fueled motor. The gasoline powered van has an initial price of $29,750, the diesel powered one costs $32,250. Both vehicles have a sa..
A few years ago, the Boston Globe reported that the city of Boston planned to spend $14 million to convert the FleetCenter sports arena and entertainment center into an appropriate venue for the Democratic Nominating Convention (DNC).
Matt and Johnny both purchase pop and chips at the same convenience store. They have different tastes for pop and chips, so Matt buys 3 cans of pop and 10 bags of chips whereas Johnny buys 15 cans of pop and 2 bags of chips.
Assume the wage is $8. Complete the following table: Workers Total Product Marginal Product of Labor Price Marginal Revenue Product (MRP) 1 17 2 2 31 2 3 43 2 4 53 2 5 60 2 6 65 2 What are the two effects of a price change
Suppose Money Supply is growing at a rate of 7% per year and RGDP is growing at a rate of 3% per year. What is the inflation rate assuming the velocity of money is constant?What will be the inflation rate is the velocity of money is increasing 2% pe..
1. Use these combinations for parts a and b: Combination Clothes Food A 1 basket 1 pound B 1 basket 2 pounds C 1 basket 3 pounds D 2 baskets 1 pound E 2 baskets 2 pounds F 2 baskets 3 pounds G 3 baskets 1 pound H 3 baskets 2 pounds I 3 baskets 3 p..
Economists refer to consumer satisfaction as utility and use "utils" to measure consumer utility. Jill enjoys cookies and milk as a snack. Below is a table showing Jill's utility from consuming cookies and milk: Total Utility (Utils) 0, 1, 2, 3, 4..
Microsoft sells three different programs in their office suite: Word, Excel and PowerPoint. Each has a marginal cost of $15. There are three types of con- sumers, writers, accountants and professor, who have the following values for the three diff..
During this holiday, he gave his first Fireside Chat, a radio address where he explained his policies to the American people in plain language. After the four-day holiday, he still kept one-third of all U.S. banks closed (mostly small farmer banks..
The capital stock of the firm consists of three machines of various vintages, all in excellent condition. All machines can be running at the same time. COST OF PRINTING AND BINDING PER BOOK MAXIMUM TOTAL CAPACITY (BOOKS) PER MONTH MACHINE 1 $1.00 ..
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