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If the country whose production possibilities curve is on the curve at the bottom and wishes to move to a position further up on the curve, it will:
a. Find this impossible to achieve given the resources it currently possesses.
b. Have to employ all currently unemployed resources to accomplish this
c. Incur an opportunity cost of having to give up some butter in order to make additional amount of guns desired
d. Be able to make the desired switch only if there is a significant improvement in the technological base available to the nation
Explain the relationship between the price elasticity of demand and total revenue. What are the impacts of various forms of elasticities (elastic, inelastic, unit elastic, etc.) on business decisions and strategies to maximize profit? Explain using e..
Explain the difference between a normal good and an inferior good. Would your answers to question 7 change depending on whether this good is a normal or inferior good? Why?
Market demand is p = 540 - q and the market supply equation is p = 60 + 2q. Use this data for the following questions. (The question is in bold bellow) The competitive equilibrium is:? Consumer surplus at this competitive equilibrium is:?
Describing how currency exchange rates are determined in markets.
Many stocks and alternatives awarded or charged to CEOs are not indexed to either industry average or to market-wide averages
Edsel wins a $250 million lottery prize. The money is paid out in equal instalments over 40 years beginning one year from today. What is the present value of the lottery prize to Edsel in the following cases? 1) If his discount rate is 15%? 2) If his..
Imagine cell phones are simple and the only thing consumers care about is minutes. Suppose a monopolist wireless company says, "The cell phone and the first 6 minutes are free, and the price of each additional minute is $2." Now suppose your deman..
Excess burden is caused by the fact that taxes Answer are spent in ways that taxpayers do not support. distort economic decisions. generate less revenue than the government spends. are regressive instead of progressive.
Over the last 30 years in the United States, the realprice of a college education after adjusting for inflation has increased by almost 70 percent.
The average of 5 numbers is 52. Suppose five more numbers are included in the set of numbers and these five numbers equal 0, 100, 48, 90, and 50. What is the new average?
What explains that marginal cost increases as production of a product increases? inreasing cost law decreasing average cost property diminishing marginal product property law of increasing marginals thats just a sample this is not the test jeeff
What is the level of saving and consumption in the U.S. today? As a consumer should you be saving or consuming? Is this something the government should try and influence?
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