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A producer of synthetic motor oil for automobiles and light trucks has made the following statement: "One quart of Dynolube added to your next oil change will increase fuel mileage by two percent. This one-time additive will improve your fuel mileage over 50,000 miles of driving."
a. Assume the company's claim is correct. How much money will be saved by adding one quart of Dynolube if gasoline costs $3.34 per gallon and your car averages 20 miles per gallon without the Dynolube?
b. If a quart of Dynolube sells for $20.43, would you use this product in your automobile?
Some economists and policymakers argue in favor of replacing the current income tax in the USA with consumption tax. What are your opinions on the issue? How do think such change impacts your income and expenditure pattern? Which tax methods do you p..
Labor costs have been increasing at an annual rate of 10%. A firm wishes to set aside funds to cover labor costs for the next 5 years. Determine how much must be set aside today if the money will be invested and will earn interest at a rate of 10%. T..
An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price $2/unit of food. Draw the budget constraint for the individual with the composite good on the y-axis and food on the x-axis
The government of a nation established a price support for wheat. The government’s support price has been above the equilibrium price each year since, and the government has purchased all wheat over and above the amounts that consumers have bought at..
The income elasticity of demand for your firm’s product is estimated to be 0.75. A recent report in The Wall Street Journal says that national income is expected to decline by 3 percent this year. What should you do with your stock of inventories?
Alice and Betsy are playing a game in which each can play either of two strategies, leave or stay. If both play the strategy leave, then each gets a payoff of $300. For which values of C and/or D is the outcome (leave, leave) a Nash equilibrium?
Given this structure, why is it that there is little price competition between carriers on the same route Why is there not more price competition If they do not choose to compete on price in most cases, how do they compete with one another What..
Southwestern Moving and Storage (SMS) buy a large-capacity trailer truck for $115,000 to provide short-haul earth moving services. SMS is planning selling the truck in seven years for a price of $45,000. Calculate the annual equivalent cost of the tr..
Explain the international interest parity concept. Then explain in words what happens to the IS and LM curves and the nominal interest rate in the domestic economy, and then its impact on the exchange rate between the domestic economy and the rest of..
Assume 2 firms on a street of length 1, with zero costs of production. Consumers are uniformly distributed on this street, desire only one unit of the good, and value the good at V = 100. To get to the firms and purchase the good, consumers need to p..
Quantity of money demanded is positively related to the value of money and negitively related to the price. Used goods are not included in the Calculation of GDP. Nominal variables are measured in physical units.
Illustrate what is the cost of producing 10 units in the short run? First conclude how much labor is needed.
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