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After a boat rescues everyone else from Gilligan's Island, the Professor and Gilligan remain behind, afraid of getting shipwrecked again with the same bunch of people. The Professor grows coconuts and catches fish. Last year he harvested 1000 coconuts and caught 500 fish. He vaules ,one fish, as worth two coconuts. The Professor gave 200 coconuts to Gilligan in exchange for help in the harvest, and he gave Gilligan 100 fish in exchange for collecting worms for use in fishing. The Professor stored 100 of his coconuts in his hut for consumption at some future time. Gilligan consumed all his coconuts and fish.
In terms of fish, what is the GDP of Gilligan's Island? What are consumption and investment? What are the incomes of the Professor and Gilligan?
Your company plans to spend $95,000 in four years to improve productivity at its central office. However, the company’s cash account is in unexpectedly good shape at the present time and the administration decides to pursue the project now rather tha..
Twenty-eight percent of all liquid crystal displays (LCDs) are manufactured by Samsung. What is the probability that in a collection of three independent LCD purchases, at least one is a Samsung?
Explain why is economics to an understanding of the problem of development. Why is an understanding of development crucial to policy formulation in developing nations.
If demand surges and pushes up the market price to $20, industry-wide output will rise IN THE SHORT RUN due to..
elucidate how income changes along demand curve and why a local builder seeking to maximize income on a small site would be interested in elasticity of demand.
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where P represents price and A is the number of weekly advertisements. Presently the theater advertises 125 times per week. Assuming this is the only theater in town, and its marginal cost, MC, is equal to zero, Determine the profit maximizing ticket..
Using a two-dimensional diagram of supply and demand, Illustrate the case of a supply cooperative maximizing net revenue in the short-run. a) What is the optimization criterion for determining the quantity supplied by the cooperative? b) Label the pr..
If the elasticity of the demand for coffee is so low why doesn't Starbucks raise the price of coffee to $10 a cup? What would happen to unit sales and total revenue for this textbook if the bookstore reduce it's price? Is the demand for iphones price..
In the market of identical firms, the market demand function is Q=1000-1000P. The marginal cost is the same for all firms, mc=0.28. Characterize what is the firm’s optimal output and price when there is a single firm in the market. Characterize what ..
What can the central bank do, if anything, to counteract the short-run changes in output and prices? If the central bank does not take any policy actions, what will be the long-run impact of the electronic payments system on prices and output?
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