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4. Do you think Wrigley's will raise or lower their total Revenue by raising prices? Explain your answer using my favorite term - ELASTICITY.
If Wrigley raises the price, he will lower their total revenue because in order to increase the total revenue, he will have to lower the price.
5. A. What are Joanne's total revenues?
TR=P*Q = $400*1000=400,000
B. What are Joanne's explicit costs?
C. What is her accounting profit?
D. List 2 important implicit costs that Joanne has not included.
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Who has a comparitive advantage in jigsaw puzzles? If Tom and Tessa specialize in producing the good in which they enjoy a comparative advantage, what are the quantities of jigsaw puzzles and kites produced?
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Franklin D. Roosevelt ' New Deal in the 1930's aid United States to go through the depression. There were famous 3-Rs: relief, recovery and reform.
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