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A bus ticket between two cities costs $50 and the trip will take twenty-eight hours, whereas an airplane ticket costs $300 and takes three hours. Mary values her time at $12 per hour, and Michele values her time at $8 per hour. Will Mary take the bus or the plane? Which will Michele take? Explain.
Your firm currently uses 69 workers to produce 300 units of output per day. The daily wage (per worker) is $100, and the price of the firm's output is $30. The cost of other variable inputs is 100 per day. Fixed costs are $2100 per day. What is to..
If we are able to increase our domestic energy production, and that allows us to import less oil from foreign countries, briefly explain what will happen to the GDP.
What is the source of these profits? Upon patent expiration, numerous rival drug companies offer generic versions of the drug to consumers.
Explain how international trade restrictions hurt the American consumer. Provide an example to support your argument.
Wiebe Trucking, Inc., is planning a new warehouse to serve the western United States. Denver, Santa Fe, and Salt Lake City are under consideration. For each location, annual fixed costs (rent, equipment, and insurance) and average variable costs p..
Always Round Tire has a production function of Q = 300 L.75 K.5. In the short run, if L = 250 and K = 25, what happens to the output of tires if L jumps to 300 and then 350. What law does this illustrate?
What is the free trade level of rice consumption in Japan, how much rice do domestic farmers produce in Japan
What role should government play in controlling increases in the cost of care and the cost of health coverage What different choices do state and federal policymakers have in containing costs
You're the manager of the firm that sells a commodity in market that resembles perfect competition, and your cost function is C(Q)=Q+2Q^2. Compute the expected market price.
A profit maximizing monopolist is earning a positive economic profit. The wage it pays its workers rises. How will the firms choice of Price and Quanity change in response to the wage increase. Use a diagram in your answer.
In a situation in which a gift certificate leads a consumer to purchase a greater quantity of an inferior good than he or she would consume if given a cash gift of equal value. Is this always the case. Explain.
What are the basic concepts that are key components of Gary Becker's "Theory of the Allocation of Time". That is, in words, what are the key elements of this approach In addition, what are the theoretical implications of this approach
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