Reference no: EM131164517
Which of the following describes the difference between the demand faced by a firm and the demand faced by an industry?
A. The demand facing individual firms tend to be more price-elastic than those for the entire industry.
B. The elasticity of demand for a firm and for an industry is the same.
C. The demand facing individual firms tend to be less price-elastic than those for the entire industry.
D. The income elasticity of demand faced by a firm is higher than the income elasticity of demand faced by an industry.
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What percent of the graduates have starting salaries
: A survey reported that the mean starting salary for college graduates in the spring of 2011 was $33 176. Assume that the distribution of starting salaries follows the normal distribution with a standard deviation of $3 500. What percent of the gradua..
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More-efficient firms will be attracted into the industry
: Consider a perfectly competitive firm whose minimum average total cost is $100. This firm is representative of all the firms in the market. If the market price is $80, then in the long run. market supply will fall. new, more-efficient firms will be a..
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Social welfare function for small community of five people
: Consider the following social welfare function for a small community of five people. SW = Ua(Na, Ca, C~a, Pa) + Ub(Nb, Cb, C~b, Pb) + Uc(Nc, Cc, C~c, Pc) + Ud(Nd, Cd, C~d, Pd) + Ue(Ne, Ce, C~e, Pe) where: N = noncompetitive goods C = competitive good..
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Term of type of budget and type of economy
: Suppose that the economy of an island H is described by the following equations: GDP (Y) = 8000, government expenditures (G) = 600, Taxes (T) = 1000, Consumption (C) = 400 + 3/4 (Y-T), and investment (I) = 800 – 200r. What can you conclude about the ..
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Demand faced by firm and demand faced by an industry
: Which of the following describes the difference between the demand faced by a firm and the demand faced by an industry?
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What is the labor force participation
: In year 2013, the population of island I is 210, 000 people, of which 150,000 are aged 16 or older. Of this 150,000 people, 100,000 have jobs (50,000 do not). Find the employment rate is for 2013. What is the labor force participation in 2013?
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Perfectly competitive and is currently in equilibrium
: Assume the market for ceiling fans is perfectly competitive and is currently in equilibrium.
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Find the employment rate
: In year 2013, the population of island I is 210, 000 people, of which 150,000 are aged 16 or older. Of this 150,000 people, 100,000 have jobs (50,000 do not). 30,000 are separated but actively seeking employment and there are 20, 000 who have given u..
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Term of type of budget and type of economy
: Suppose that the economy of an island H is described by the following equations: GDP (Y) = 8000, government expenditures (G) = 600, Taxes (T) = 1000, Consumption (C) = 400 + 3/4 (Y-T), and investment (I) = 800 – 200r. What can you conclude about the ..
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