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Develop an estimate for each of the following situations.
(a) The cost of a 500-mile automobile trip, if gasoline is $3 per gallon, vehicle wear and tear is $0.50 per mile, and our vehicle gets 20 miles per gallon.
(b) The total number of hours in the average human life, if the average life is 75 years.
(c) The number of days it takes to travel around the equator using a hot air balloon, if the balloon averages 100 miles per day, the diameter of the earth is ∼4000 miles.
(d) The total area in square miles of the United States of America, if Kansas is an average-sized state. Kansas has an area of 390 miles × 200 miles.
The United States is a large open economy with a trade deficit. Use the appropriate graphs to illustrate and then state what the equal increases in taxes and government purchases would do to each of the following in the long run: national saving, the..
What is minimum-cost blend that will meet quality standards and provide 1000 pounds of blended coffee product. What is cost per pound for coffee blend. Determine aroma and taste ratings for coffee blend.
Since producers must be compensated for the rising opportunity cost that accompanies increases in output,
Suggest "cross merchandising" opportunities for Can hole. That is, getting marketers of products that Cruisers might consume during Can hole games to participate in the promotion. List and discuss three likely personality traits of the Cruiser.
Play Around Toys Inc. operates stores in different regions of the country. The senior management of Play Around Toys Inc. has decided to tailor the merchandise selection for each store based on its sales patterns. What types of data are other retail ..
Based on the price elasticity and market structure, formulate two strategies where Starbucks can increase revenue and profits?
q1. a flat tax plan allows individuals to deduct a standard allowance of 10000 from their wages. assume that the flat
What should the role of international organizations be in helping to shape the global economy? Do they help or hurt local economies? What should their relationship be with local governments? What should their relationship be with global businesses..
If a central bank intervenes in the foreign-exchange markets and buys foreign currencies:
It is not possible to maximize profits by using a markup pricing strategy. To maximize profit, a firm should apply a uniform markup to each product it sells. Using markup pricing is more complicated than simply setting price equal to marginal cost.
Suppose that there are 10 million unemployed workers in a country and 90 million employed workers. Suppose we know that the fraction of workers who lose their jobs in a given month is .02 and the probability that unemployed workers find work in a giv..
What are the economic concept? What is market? What is a competitive market? What is supply and demand?
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