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Suppose the utility function is given by: u(x,y) = 3x+4y. What kind of goods are X and Y and what is the MRS?
A local movie theater wants to know how much popcorn they should stock for a given movie showing. Records from 94 movies reveal a mean of 57 boxes and a standard deviation of 17.8.
The U.S. Department of Agriculture, nass.usda.gov, publishes charts on the prices of farm products. Go to the USDA home page and select Charts and Maps and then Agricultural Prices
What are the trends of labour and capital as macrfoeconomics variables?
Now suppose that the archery instructors need a license in order to charge for archery lessons. The license is free of charge, but there are only four licenses distributed. Assumin
Face Tree manufactures artificial trees and flowers. There are about 100 workers who do the routine assembly work for pay ranging from $8 per hour to $15 per hour. They work in two
How has the Internet revolution affected the workings of businesses, consumers, and government in a free market economy? Specifically, how has Internet affected businesses' ability
We divide all firms into 3 categories: FR includes all firms which acquire raw material (iron ore, farm products and so on), FH all those that produce semi-manufactured goods (stee
Newspaper vending machines are designed so that once you have paid for one paper; you have access to all the papers in the machine and could take multiple papers at a time. However
Suppose that the government wishes to decrease the market equilibrium monthly rent by increasing the supply of housing. Assuming that demand remains unchanged, by how many units of
There are three firms in an economy: A, B, and C. Firm A buys $450 worth of goods from firm B and $260 worth of goods from firm C, and produces 260 units of output, which it sells
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