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Pam has made her best affordable choice of cookies and granola bars. She spends all of her weekly income on 30 cookies at $1 each and 5 granola bars at $2 each. Next week, she expects the price of a cookie to fall to 50 cents and the price of a granola bar to rise to $5. a) Will Pam be able to buy and want to buy 30 cookies and 5 granola bars next week? b) Which situation does Pam prefer: cookies at $1 and granola bars at $2 or cookies at 50 cents and granola bars at $5? c) If Pam changes how she spends her weekly income, will she buy more or fewer cookies and more or fewer granola bars? d) When the prices change next week, will there be an income effect, a substitution effect, or both at work?
Over what range will changes in marginal cost have no effect on CDW’s profit-maximizing level of output?
a monopolists demand function is given byp 80 - 3qwith mr 80 - 6q.its total cost function isnbsptc 20q 200with mc
you have been hired to manage a small manufacturing facility which has cost and production data given in the table
Show the country's production possibility curve.
Economists often argue that wage rates reflect productivity. Yet, the wages of house painters have increased nearly as rapidly as the national average, even though these workers use approximately the same production methods as they did 50 years ago.
Small firms can discover the abilities of their workers more quickly than the large ones because they can observe the workers more closely at a variety of tasks. Does it then make sense for people with high abilities to go to smal firms.
*Dayan's Doorstops, Inc. (DD) is a monopolist in the doorstop industry. Its cost is C = 100 - 5Q + Q2, and demand is P = 55 - 2Q. a. What price should DD set to maximize profit? What output does the firm Produce? How much profit and consumer surplus ..
You are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs. What would you do--shut down or continue to operate.
the short-run elasticity of demand for gasoline sold at gas stations is 0.20 and elasticity of supply is 1.00. if
Reliance on finite supplies of foreign oil and on coal fired electric power plants causes ever increasing prices that we must pay for the oil and the deleterious effects on our environment from both as sources of greenhouse gasses
Write down some similarities and differences between monopolies and oligopolies. How would you classify Microsoft? How would you classify the power industry in your area?
What different mechanisms are available to the federal government to change aggregate demand Why is a market economy susceptible to coordination failures that can lead to unemployment and inflation
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