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In your own words, describe the meaning of average cost. You normally buy a crate of wine for $75. One crate has 6 bottles of wine. After a month, the store clerk informs you that the same crate of wine now costs $82. However, there are 7 bottles in a crate. To the nearest cent, determine the average cost of the crate from last month to now. ____(20 points) In your own words, describe the meaning of marginal cost. You normally buy a crate of wine for $75. One crate has 6 bottles of wine. After a month, the store clerk informs you that the same crate of wine now costs $82. However, there are 7 bottles in a crate. To the nearest cent, determine the marginal cost for one additional bottle of wine now. (20 points) In your own words, describe the meaning of unit travel. When traveling on a Greyhound bus, without intervention or obstruction, it is important to determine the unit travel time. If you leave Cleveland in a bus full of 24 passengers and arrive Cincinnati in 3 hours, what will be the average unit travel time in person minutes? ____(20 points) What is CPI? Given that the CPI trends for travel time for 2010 and this year are 183.42 and 191.35 respectively, calculate the current value of travel time if it was $24.50 per hour in 2010. ____(20 points)
Elucidate how these economic concepts can be used to address the firm's problems and opportunities.
A private closed economy includesA.households, businesses, and international trade, but not government. B.households, businesses, and government, but not international trade. C.households only. D.households and businesses, but not government or inter..
Determine the profit-maximizing prices both firms will charge. In addition, calculate the price-cost margin for each firm and indicate which has more pricing power and why.
Why is economics considered a social science? What role does economics play in your personal and professional lives?
In response to climate change concerns, the government can either invest in mitigation or adaptation or do nothing. Mitigation reduces the flow of carbon into the atmosphere, thereby changing the probability distribution of future climate states. ..
Aims to provide association between what you learn from economic models and concepts in class with real-life events happening around you.
China pegs the yuan to the United States dollar at 8.3 yuan each dollar. Assume that this is above the equilibrium level of dollar in foreign exchange market.
Illustrate what are the best goals for the Fed. Should it lean toward restraint or toward expansion.
Assume that the Fed perceives inflation on the horizon and decides to pursue a contractionary monetary policy.
Describe how a change in investment can have big impact on GDP causing a nationwide slump. Recall that investment is "small" relative to the entire economy.
Assume the economy is slumping into recession and needs a fiscal policy boost.
If the reserve requirement(rr)is 0.2, what is the simple deposit multiplier? if, in addition, the currency deposit ratio(c) is 0.05 and the excess reserve ratio(e) is 0.15, what is the money multiplier?
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