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Price elasticity of supply is always positive except when supply is a. perfectly inelastic. b. relatively elastic. c. either relatively elastic or relatively inelastic. d. relatively inelastic.
Always Round Tire finds that their demand curve is P = 50 - .02 Q (note: Marginal Revenue has twice the slope as the demand curve). What price and quantity combination will maximize the firm's revenue? What are the total revenue and price elasticity ..
Assume a firm is currently employing 20 units of capital and 100 units of labor in its production process. Assume also that the marginal product of the 20th unit of capital is 40 units of output, the marginal product of the 100th unit of labor is 10 ..
How and why did slavery develop in the colonies? Why did the founding fathers allow slavery to continue when they espoused freedom and liberty during the revolution? What was Thomas Jefferson’s goal in making the Louisiana Purchase? How did the Louis..
List out at least one policy action that the Federal Reserve has taken to confirm that direction. Explain the effects of monetary policies on the economy's production and employment.
Allocative efficiency (where P = MC) is most likely to occur under which of the following type of market structures?
Illustrate what is the supply of dollars in the market for foreign-currency exchange. Write down your answer since you will need it to answer the next question.
When Ajax co. Produced 3 units of output per week, its total fixed cost was $100 and total variable cost was $45. When output increased to 4 units per week, total fixed cost remained at $100 and total variable cost increased to $65.
Assume that velocity and aggregate output are constant. If the money supply increases from $1.10 trillion to $1.18 trillion:
Imagine that you are a business owner. Choose whether to hire a new person in the marketing department or upgrade your computer system.
Your insurance firm processes claims through its newer, larger high-tech facility and its older, smaller low-tech facility. Each month, the high-tech facility handles 10,000 claims, incurs $100,000 in fixed costs and $100,000 in variable costs. Each ..
Suppose a consumer's utility function is given by U(X,Y) = X*Y. Also, the consumer has $288 to spend, and the price of X, PX=16, and the price of Y, PY = 1. How much X and Y should the consumer purchase in order to maximize her utility? How much tota..
A remotely situated fuel cell has an installed cost of $2,200 and will reduce existing surveillance expenses by $360 per year for seven years. The border security agency's MATT is 12% per year. What is the minimum salvage (market) value after seven y..
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