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Suppose that firms in a perfectly competitive industry are earning less than a normal rate of profit. In the long-run, what price and output adjustments will occur in this industry? What will cause these adjustments? Show graphically
Assuming that wheat and barley both sell for $1, and income is $20, compute the price elasticity, cross price elasticity and income elasticity for wheat.
Why does the slope of the aggregate supply curve change from the short run to the long run? What are the differences between classical theory and what Keynes believed?
Gigantic Life Insurance has terminated a sales account manager who is traveling on the road with a company-issued mobile device.
In lecture we discussed why the production possibilities frontier (the boundary of the production possibilities set) is bowed 'outwards'.
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt. What type of preferences is mike exhibiting? Are Carl's preferences convex, strictly convex,..
Is it okay to setup commission of salespeople based on revenue generated by them and contribution suggested by their manager?
Calculate the (1) unemployment rate, (2) labor force participation rate, (3) adult population and (4) the total population for the small town with the following statistics: employed = 1,000, labor force = 1,400, Not in the Labor Force = 1,000 and min..
A random sample of size 14 was taken from a population with a population mean 27 and a population standard deviation 8.
Assume you are a manager in a multinational company that needs to send a team of three to five people to Saudi Arabia for about two weeks to investigate the feasibility of selling your products there. What advice would you give them to help assure th..
12. mrs. smith is operating a firm in a competitive market. the market price is 6.50. at her profit-maximizing level of
The Bramwell Corporation has estimated its demand function and total cost function to be as follows:
My cousin Alyssa works at a gas station. Initially she was paid $10 per hour and requested to only work 25 hours per week. After 1 year on the job she got a pay raise to $12 per hour and requested to work 35 hours per week. Why does Alyssa want to wo..
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