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Let us assume that an economy in which there is no widely agreed upon form of money. In other words, suppose we are dealing with a barter economy.
Would economic relationships no longer apply in such an economy? Yes or no please Explain.
Economic incentives were at heart of westward expansion across North America in late 18th centuries, so let us apply some economic analysis to the condition.
Assume that the price was 5% lower and all other factors do not change. How much more would you buy each year? Using this information, compute the own-price elasticity of your demand.
Assume a country has a life expectancy of 51.5, an adult literarcy rate of 62.6 percent, a combined gross enrollement ratio of 45 percent, and GDP per capita PPP of $853.
Determine the trade volume necessary for PBI to reach a target return of $7,500 per month for a typical office. Determine and interpret the elasticity of cost with respect to output at the trade volume found in part A.
Give at least two examples of a perfectly competitive market and explain what characteristics led you to that decision. Second, give at least two examples of a monopoly market and explain what characteristics led you to that decision.
Ross owns 918 shares of Flag Fabric Corporation There are thirteen directors to be elected. 31,000 shares of common stock are outstanding.
Consider the relationship given by QCars = 100 + 4xPCars - 2xPSteel - 0.2xPWorkers, where QCars is the quantity of cars (in thousands), PCars is the price of cars and PWorkers is the wage earned by autoworkers.
Write down a short memo to Ralph Sampson describing the analysis that the company should do before it makes this decision and any other considerations that would affect decision.
When a single seller is confronted in a market by many small buyers, monopsony power enables the buyers to obtain lower prices than those that would prevail in a competitive markets.
Future economic glowth
A number of stores offer film expanding as a service to their consumers. Assume that each store that offers this service has a cost function C(q)=50+0.5q+0.08q2 .
Sunrise Surf Shop is willing to produce 30 surfboards in the month if it can sell each board for $300. If it can receive $500 for each board, the shop is willing to manufacture 70 surfboards.
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