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When you buy a set of speakers, Best Buy asks if you would like to purchase insurance for your speakers. Assume that paying for new speakers for customers who listen to music at a reasonable level (thus minimizing damage) costs, on average, $150, and paying for new speakers for customers who listen to music very loudly (more likely to damage the speakers) costs, on average, $1000. Individuals know whether they like music at a reasonable level or at a loud level, but Best Buy can assume that 40% of listeners are reasonable listeners, and 60% are loud listeners. How much does Best Buy have to charge in order to break even?
A $660 B $1000 C $150 D $575
What is the consumption function and how is it related to the Marginal Propensity to Consume? 2. What is the multiplier? 3. What determines the position of the Long Run Aggregate Supply curve? 4. What is a supply shock? Give several examples.
an association of home builders is interested in knowing how private housing starts phs are influenced by mortgage
If at a point in time long term interest rates were below short term interest rates, what would this indicate about investors expectations of future short term interest rates? Explain your answer in a few sentences.
Suppose desired investment for the economy represented in the table above is $200 billion. Plot the consumption and investment function. What value is the equilibrium level of income What is the marginal propensity to consume
Assume that labor supply is perfectly inelastic. If the demand for labor is inversely related to the real wage, what would the effect of a minimum wage be if it was an effective price flor in the labor market
According to the textbook, Bill Clinton re-defined welfare by creating the Temporary Assistance for Needy Families (TANF) program. TANF's key feature was its temporary nature. Conclude whether or not welfare assistance has become temporary. Provide e..
If the interest group theory applies to hospitals, explain why does not it also apply to nursing homes? Would a doctor owned, for profit hospital be as attractive to physicians as a nonprofit hospital?
Merchant banking refers to:Banking services that are only available to retail merchants.Banking services that are only available to business but not the general public.
In the United States real estate brokerage industry, brokers employed by large brokerage companies have traditionally worked for a portion of the commissions they generate.
If a firm’s expansion path is a straight line starting on the origin, that implies that we have constant returns to scale (Hint – think of the Cobb-Douglas production function).
Which of the following is true for perfect competition but not true for monopolistic competition and monopoly. a. MC = MR. b. P = MC. c. Positive long run profits. d. Both b and c.2. Profit margin equals: a. marginal cost minus marginal revenue. b. a..
Two small airlines provide shuttle service between Las Vegas and Reno. The services are alike in every respect except that Fly Right bought its airplane for $500,000, while Fly by Night rents its plane for $30,000 per year. Analyze fixed costs, Ma..
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