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The Coffee Nook, a small cafe near campus, sells cappuccinos for $2.50 and Russian tea cakes for $1.00 each. What is the opportunity cost of buying a cappuccino?
A) 2 1/2 Russian tea cakesB) 2/5 of a Russian tea cakeC) $2.50D) $1.00
Automobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks and compact cars. What fundamental economic question are they addressing by making this range of products?
A) How to produce goods that consumers want?B) Why produce a variety of automobiles?C) What to produce?D) Who to produce automobiles for?
How are the fundamental economic questions answered in a market economy?
A) The government alone decides the answers.B) Individuals, firms, and the government interact in markets to decide the answers to thesequestions.C) Households and firms interact in markets to decide the answers to these questions.D) Large corporations alone decide the answers.
Functions of Money) "If an economy had only two goods (both nondurable), there would be no need for money because exchange would always be between those two goods." What important function of money does this statement disregard. Suppose the money ..
The utility function is U = U (X, Y) If the 2nd derivative for both x and y is greater then 0, does that mean the indifference curves are both convex? Explain why or why not.
Compute the marginal rate of substitution of apples for bananas using the marginal utilities. Compute the value of the MRS at (2,4) and at (1, 16).
Describe the difference between short run and long run as they are used in economics. Differentiate between Economics of scale and Diseconomies of scale.
Why does the assumption of independence of risks matter in the examples of insurance? What would happen to premiums if the probabilities of houses burning were positively correlated?
Which of the following statements best states the demand for agricultural commodities?
Define a natural monopoly and what has happened to natural monopolies in recent years? Describe. Under which market structure does your type of business fall?
What happens to the indifference curves when a household's income is reduced and how does a budget constraint explain consumer choices when used in conjunction with indifference curves?
"A shift outward in the demand curve always results in an increase in total spending (price times quantity) in a good. On the other hand, a shift outward in the supply curve may increase or decrease total spending."
Assume that a profit maximizing monopolist faces an inverse demand function give by p(.), where p'(y),0, and a total cost function given by c(y), where c'(y)>0. Suppose the government wishes to combat the undesirable allocational effects of a mono..
The minimum acceptable price for a product that producer Sam is willing to receive is $15. It is $12 for producer Sue. The market price they could get for the product is $18. What is the amount of the producer surplus for Sam and Sue combined
Please explain why international strategy is important. What is the difference between domestic and international strategic planning?
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