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Q1. Josephine makes $100 a day as a flower shop attendant. She takes off two days of work without pay to travel to another city to attend her sister's wedding. The cost of transportation for the trip is $180 round trip. The cost of her hotel stay is $99 per night and she stays for 2 nights. What is the opportunity cost of Josephine's trip to the wedding? Assume that a consumer purchases only two products. Suppose that the consumer's money income doubles, and the prices of the two products also double.
Q2. Suppose the demand for good X is given by Qdx = 10 - 2Px + Py + M. The price of good X is $1, the price of good Y is $10, and income is $100. Given these prices and income, how much of good X will be purchased?
Would you provide the possible reason to explain why the expansionary fiscal policy doesn't work in those countries?
Compute the value of deadweight loss with the new demand curve to verify your intuition about the answer to the previous question.
State Explain how IKEAs expansion has reenergized mature markets around the world also changed the competitive situation.
What technology available to produce your product suddenly improves. You should note whether the scenario indicates a shift of the curve or movement along the curve. You are a supplier of widgets.
Assume that a firm employs labor and capital by paying $40 per unit of labor employed and $200 per hour to rent a unit of capital. What is the firm's optimal combination of capital and labor?
Some businesses will examine either pricing structure and modify it in order to maximize revenue, either by raising or lowering price. Cost and Revenue Curves simulation and this week's readings could organization you have chosen lower prices to in..
Explain why global warming is not likely to be solved by the market mechanism alone. Utilize the terms externality and public goods in your explanation.
A newspaper article once reported that U.S. economy was experiencing a low rate of inflation. Why does inflation affect increase in Social Security and or profits.
This decision shows that Gene is: more interested in earning high profits than achieving security. motivated by his desire to quickly begin operations with a minimum of effort. not a self-motivated individual. afraid to get int..
Briefly describe what globalization means to you, to your company or organization, and to Canada using the principles of the Circle of Reflection. List influences that you believe it will have on stakeholders.
What is value of marginal propensity to consume (MPC) in this model Marginal propensity to save (MPS).
What make both the farmer and the rancher willing to trade with one another.
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