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Two partners who own Progressive Business Solutions, which currently operates out of an office in a small town near Boston, just discovered a vacancy in an office building in downtown Boston. One of the partners favors moving downtown because she believes the additional business gained by moving downtown will exceed the higher rent at the downtown location plus the cost of making the move. The other partner at PBS opposes moving downtown. He argues, "We have already paid for the office stationery, business cards, and a large sign that cannot be moved or sold. We have spent so much on our current office that we can't afford to waste this money by moving now." Evaluate the second partner's advice not to move downtown. Illustrate and fully explain using an example of relevant cost (a cost whose value does affect the optimal decision) and an example of irrelevant cost (a cost whose value does not affect the optimal decision) to the business regarding this decision.
Assume that, in a perfectly competitive market at the profit maximizing quantity, the market price is greater than average total cost.
With the help of an AD-AS diagram, explain the effect on the price level and real GDP. Use an upward sloping AS curve and be clear about the interconnections among markets.
Suppose that firm sells its product in a perfectly competitive market. The company fixed costs are equal to $100 and its variable cost schedule is as follows;
Calculate the price elasticity of demand for the product below using average values for the prices and quantities in your formula.
What is the share of Household A's income spent on education? Does this household consume more or less education if EF = 20 is provided by the government? What is the share of Household B's income spent on education?
Explain how a consumer as well a business in the perfectly competitive arena maximize utility, discussing any similarities.
Explain how is it that monetary policy, such as open market operations.
What type of market structure is OPEC? What are some important issues that OPEC must confront in their efforts to control the price of oil?
Illustrate each of the following events using a demand and supply diagram for bananas.
During August 2009. 80 people lost their Jobs and didn't look for f new ones, 20 people quit their jobs and retired, 150 unemployed people were hired, 50 people quit the labor force,and 40 people entered the labor force to look for work. Calculate..
For ever of the situations, decide whether Al has increasing, constant, or diminishing marginal utility.
According to the life-cycle hypothesis, determine the typical pattern of saving for an individual over his or her lifetime?
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