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Monty is planning a trip to Melbourne, and has decided to purchase a return air-ticket for $2,500 and a carry-on bag for $300 from the travel shop next door. However, his friend tells him that he would be able to buy the same air-ticket from a travel shop in Geela Mall for $2,350 and the same carry-on bag for only $260 from Luney Mall (located in the other side of town from Geela Mall). Suppose Monty lives equi-distant from either mall and calculates that his total costs of going to and from either mall is $50. Based on this information, Monty thinks that he should buy the carry-on bag from Luney Mall, but buy the air-ticket from the travel shop next door. Do you agree with Monty? Why, or why not? Explain your answer with reference to a principle of economics.
The secretary general of OPEC, Ali Rodriquez, stated that it would be easier for OPEC nations to make future supply adjustments to fix oil prices that are too high, than it would be to rescue prices that are too low. Evaluate this statement.
What is the Beige Book? What type of information does it contain? give some examples from the most recent edition and discuss the uses and effect of the three major tools of monetary policy.
Your team has been asked to design a LAN for a very successful CPA firm with five departments in one building and a total of 560 employees. Currently, the firm has no networked computers, and it is open to any suggestions your team can offer. The ..
Explain how do you expect the supply and demand of your selected good to change in the next year. Relate you expectations to the price and quantity of the good in the marketplace.
You are a health economics consultant for a major political campaign. Your client notes recent research that individuals in worse health tend to live further from health facilities. Therefore, building more health facilities in rural areas should imp..
Suppose that Taher's pizza business operates under competitive conditions and that his short-run production function is q=20^E. How much labor does he employ if the price of each pizza is p = $12 and the hourly wage is w0 = $6? [Hint: In this case, i..
On March 16, the March Treasury bond futures settlement price was 101 21/32. Assume that the 12 1/2 percent bond maturing
How macroeconomic equilibrium does an economy achieve. Elucidate what affect does a high level of inflation have on macroeconomic equilibrium.
The discussion on price ceilings supposed that the medical industry faces increasing marginal costs of production. Suppose a for-profit, monopolistic hospital is experiencing economics of scale ( i. e.., downward-sloping average and marginal cost ..
A government takes in $200,000,000 in tax revenue and spends $175,000,000. Is the government running a surplus or a deficit? Of how much?
Assuming that price elasticity of demand for this of kind candy is - 1.5, determine if the price CCS charges for its special candy is a profit-maximizing price. If it is not, what price should it charge?
The utility is given byu(x, y) = xy + y. What are the demand functions for x and y. Describe how demand curves for x and y are shifted by changes in I or the price of the other good.
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