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If you receive a free ticket to a concert, what, if anything, is your opportunity cost of attending the concert? How does your opportunity cost change if miserable weather on the night of the concert requires you to leave much earlier for the concert hall and greatly extends the time it takes to get home afterward?
Residents of your city are charged a fixed weekly fee of $6 for garbage collection. They are allowed to put out as many cans as they wish. The average household disposes of three cans of garbage per week under this plan.
Indicate whether each of the following statements is true or false and explain why. a) A competitive firm that is incurring a loss should immediately cease operations.
Compute real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? Compute the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices increase?
Why might some people claim that the breakfast cereal industry is monopolistically competitive but that the automobile industry is an oligopoly? In both cases, about eight to ten firms dominate the industry.
Demonstrate that under this analysis commodity movement and factor movement are substitutes for each other.
The physical relationship between a firms input use and output production is called the 5. A firms total revenue (input costs + the opportunity costs of the owners capital + any other inputs supplied by the firms owner) equals that firms 6. At the..
Assume that a country's real growth is 2 percent per year, while its real deficit is rising 5 percent a year. Can the country continue to afford such deficits indefinitely What problems might it face in the future
Getrag expects its sales to raise 20 percent next year from its current level of $4.7 million. Getrag has current assets of $660,000, net fixed assets of 1.5 million dollar,
the rise of the dollar could batter the profits of some U.S. companies this year and slice into capital spending . a.which companies may have thier profits battered , and why b.why would this slice into capital spending
Rick buys a 1966 Mustang for $3,000, planning to restore and sell the car. He goes on to spend $9,000 restoring the car. At this point he can sell the car for $10,000. As an alternative, he can spend an additional $3,000 replacing the engine.
Graph the demand and marginal cost curves and calculate and indicate on the graph the equilibrium price and quantity
A $2.50 decrease in the price of the $17 salmon entrée increased sales from 40 to 75 meals per week. Which entree should he choose to put on sale?
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