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Suppose that you are told by market researchers that the quantity demanded Qd of a good is related to its price (P) by the following relation:
Qd = 1000 - 5P .
A. Solve for P, and give the y-intercept & slope [change in P/change in Q] of the line.
B. If price is 100 (ignore units here), how much is bought & how much is spent?
Assume you live in an economy that has a population of 2,000,000 people over the age of 16. The labor force in your economy is 1,500,000 people and 1,300,000 people are currently working. Calculate the unemployment rate Calculate the employment rate ..
When a university bookstore prices chemistry textbook at $200 each, it generally sells 120 books per month. If it lowers the price to $160, sales increase to 160 books per month. Given this information, we know that the price elasticity of demand for..
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The Occupational Safety and Health Administration (OSHA) has determined that the probability of a worker dying from exposure to a hazardous chemical used in the production of fertilizer is 0.008. The cost of imposing a regulation that would ban the c..
During the year, Belyk Paving Co. had sales of $2,381,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,444,000, $436,900, and $491,900, respectively. What is the company’s net income? What is it's operati..
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Recessions seem to show up every so often and create economic hardship. One might think that macroeconomic policymakers could tame the business cycle and implement policies that would end recessions.
The classical political economists shared, to a large extent, a vision of an emerging social system. Smith referred to this as the “society of perfect liberty” while Marx called it the “capitalist mode of production.” What were the central characteri..
What are the potential implications of globalization without consideration of cultural differences on ethical issues? Cite specific examples.
Direct marketing pioneer L.L. Bean has always been a relationship builder. What insight did L.L. Bean have from the beginning regarding the use of direct marketing?
______Job rotation attempts to reduce the boredom created by specialization of tasks by
Assume that in 1984 the total output in a single-good economy was 7000 buckets of chicken.
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