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A 6 foot man walks away from a light sitting atop a pole 16 feet above ground.
(a) How long is his shadow when he is 8 feet from the pole?
(b) What is the distance from the base of the pole to the tip of his shadow?
Nominal GDP uses current prices as a measure of the value of goods and services produced, while real GDP uses prices of goods and services in a base year to measure value. Suppose an economy consists of three goods: pizza, sodas, and televisions.
At what rate is the top of the ladder descending when the top of the ladder is 12 feet above the ground?
A survey of 25 grocery stores revealed that the average price of a gallon of milk was $2.98 with a standard error of $0.10. If 90% and 95% confidence intervals are developed to estimate the true cost of a gallon of milk, what similarities would th..
Imagine a market setting with three firms. Firms 2 and 3 are already operating as monopolists in two different industries (they are not competitors). Firm 1 must decide whether to enter Firm 2's industry and compete with Firm 2, or enter Firm 3's ..
Average variable cost at this output level equal $15 per unit, and average fixed costs equal $5 per unit. What is the firm's profit-maximizing (or loss maximizing) output level What is the amount of its economics profits (or losses) at this outpu..
Suppose you are a monopolist able to produce your chosen output at a constant average (and thus marginal) cost of ATC = MC = $5. You face a market demand curve given by Q = 53 - P or inverse demand given by P = 53 - Q, where Q is the output provid..
(a) Calculate the equilibrium price and quantity of coffee-makers. (b) Draw consumer surplus and calculate its exact value. (c) Draw producer surplus and calculate its exact value. Now assume that Home opens up to trade.
The market for widgets is perfectly competitive with a market demand curve of: Q =200-(.5)P There is a single production technology available to firms that choose to operate in the market. The long run total cost function associated with this tech..
The Importance of Economics for Health Care Leaders
Government output is sometimes considered fixed, with a goal of minimizing the cost of providing that output. Thus, it is thought that when faced with an increase in the cost of labor, government costs go up in the short run, but adjust downward i..
Suppose a country can produce a maximum of 10,000 jumbo airliners or 2,000 aircraft carriers. a. What is the opportunity cost of an aircraft carrier b. If another country offers to trade six planes for one aircraft carrier, should the offer be accept..
GKX Industries expects sales of its hydraulic seals (in inches and metric sizes) to increase according to the cash flow sequences $70+4k, where k is in years and cash flow is in $1000. What is the amount of the cash flow in year 3
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