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A Toyota Camry costs $19,600 and has an average gas mileage of 27 Km/L. A Toyota Prius costs $23,000 and has an average gas mileage of 50 Km/L. Assuming gas costs $4 per litre, generate total cost equations as a function of miles driven for each of these cars and identify the the ?xed and variable costs. How many miles do you have to drive before the two cars have the same total cost?
Consider an economy in which its residents spend 90% of each additional dollar they earn and the government increases its spending by $400. Calculate the total effect on output (or aggregate demand) The government reduces its spending by $4000 in an ..
What are the functions of the 12 Federal reserve banks, including their monetary policy actions?
A newly graduated engineer bought furniture for $900 from a store. Monthly payments for 1 year will be made. Interest is compounded at a nominal rate of 12%. Build a table that shows the balance due, principal payment, and the interest payment for ea..
Tots-R-Us operates the only day-care center in an exclusive neighborhood just outside of Washington, D.C. Tots-R-Us is making substantial economic profit, but the owners know that new day-care centers will soon learn of this highly profitable market ..
Which of the following is not an assumption of the theory of consumer behavior described in this chapter? In deciding what to buy, the consumer will choose the good with the:
The primary characteristics of a “relationship” include mutuality, interaction, iterative nature, ongoing benefit, change in behavior, uniqueness, and trust. Think about a company with which you have a strong relationship. How are each of these attri..
A restaurant/bar is analyzing its pricing of beer. It has determined that the price elasticity of demand for beer is −0.8; the cross-price elasticity for wine with respect to the price of beer is 0.9; What is the restaurant's profit (prior to the pri..
Explain the difference between a person's nominal income and their real income. Why is real income more important to that person.
For each of the following topics in choice under certainty, give an example of how it has applied to you or someone close to you, and how to potentially make a better decision. Failure to consider opportunity cost, Sunk-cost fallacy, Compromise effec..
ADVANCED ANALYSIS Assume the following values for the figures below: Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price is $45 per bag. What is the total surplus when output level Q2 is being produced? What is the dollar value of ..
Give an example of an expensive product you would like to buy. How can you justify the purchase? How should you prepare financially once you have decided to make the purchase?
Suppose there are only 2 nations, Atlantis and Pacifica, and only two goods, surfboards and kayaks. If Atlantis produces only surfboards, it can make 50 per day. If Atlantis produces only kayaks, it can make 75 per day. If Pacifica produces only surf..
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