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A box contains colored circles and triangles. 60% of all the figures are red, while 40% are blue. Of the red figures, 1/3 are triangles, and of the blue figures, 3/4 are circles.
(a) What proportion of the figures are triangles?
(b) If a circle is randomly drawn, what is the probability that it is red?
(c) If a triangle is randomly drawn, what is the probability that it is blue?
Graph the demand curve on a standard supply and demand graph. What is the quantity demanded of corn at a price of $6.00 per bushel? at $4 per bushel? Using the midpoint formula for the price elasticity of demand, calculate the price elasticity of dem..
Develop conclusions about the economy's influence on personal and business decision-making relative to purchases of big-ticket items, investments, or other major purchases.
Distinguish between the allocational problem and the distributional problem faced by the agents in the Fisher’s Dilemma discussed in class. Specifically, if Alfredo suggested that he fish for 8 hours and that Bianca fish for only 6 in exchange for pa..
Based on what you have learned about monopoly markets and markets in oligopoly, which of these two do you believe is more harmful for the consumers and for the economy, and why? Do you believe all monopolies should be considered illegal?
1.For the aggregate demand, income and the price level are:
In a paper, analyze the relationships among total and average fixed cost, variable cost, and total cost. Address what happens to price and quantity with changes in demand and supply. You will need to identify then define the relationships.
You operate a small but popular and profitable restaurant/bar in a college town. There are several other restaurants and bars nearby. You have conducted a market research study and discovered that the price elasticity of demand for local residents is..
Explain why there is a close relationship between supply, demand and the allocation of resources.
What are the outstanding faults of the economic system according to Keynes? What is the social philosophy implied by the General Theory? What gave the General Theory a revolutionary quality, and how was it interpreted or misinterpreted, according to ..
Consider a committee of Ann, Bob, and Carol that is choosing between three alternatives, {x, y, z}. Player i’s preferences are represented by the ordering i . Suppose the three player’s preferences are: x A y A z. y B z B x. z C x C y. Is M complete ..
Corporations argue that corporate welfare is motivated by sound economics. Critics of large corporations see the policy as unfair public support of those who need it least. What do you think? Why do you think corporate welfare has continued at the sa..
Shane is required by his employer to work a standard eight-hour work day. Suppose his marginal rate of substitution (MRS) for leisure and income is less than the wage rate at this level of work. Comment about the nature of Shane’s employment.
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