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A farmer sells $25,000 worth of apples to individuals who take them home to eat, $50,000 worth of apples to a company that uses them all to produce cider, and $75,000 worth of apples to a grocery store that will sell them to househoulds. How much of the farmers sales will be included as apples in GDP? Explain and show work
Assuming that the marginal product of labor is constant between 10 also 11 workers also the marginal product of capital is constant between 3 also 4 machines.
Describe the budget constraint which she faces when deciding how many drinks to buy.
Critically evaluate and explain: in monopolistically competitive industries, economic profits are competed away in the long run; hence, there is no valid reason to criticize the performance and efficiency of such industries.
Hospitals are facing unprecedented financial challenges from entrepreneurial physician initiatives that are establishing competitive, freestanding diagnostic and treatment centers, and specialty hospitals. In your opinion, what are the advantages and..
Every week, more and more apps are available for Droid-based smart phones. How does this affect the optimal price for Droid-based smart phones?
Recently, a bank was trying to decide what fee to charge for "expedited payments"—payments that the bank would transmit at a faster speed to enable customers to avoid late fees on cable TV bills, electric bills, and the like. To try to determine what..
The table below represents the production function for Hawg Wild, a small catering company specializing in barbecued pork. The numbers in the cells represent the number of customers that can be served with various combinations of labor and capital.
To examine some of the causes of differences in income, and to describe and analyze some of the government policies that attempt to reduce poverty. To show how the Social Security program is designed, how it developed from an insurance program to a t..
Can you name some well known firms that we have heard about recently going out of business? What names come to mind? Some of the market structures we have seen are not realistic and some are realistic can you tell me more about it. How is that ? Why ..
Harry's Pepperoni Pizza Parlor produced 10,000 large pepperoni pizzas last year that sold for $10 each. Based on this information we can conclude that Harry's production of large pepperoni pizzas: Which of the following is an example of a supply shoc..
Classify each of the following statements as positive or normative. Explain. Society faces a short-run trade-off between inflation and unemployment. a reduction in the rate of money growth will reduce the rate of inflation. The Federal Reserve should..
After the Great Recession Fed lowered the Federal Funds rate (Fed's official interest rate) and kept it there until last year. Why do you think Fed lowered the interest rate? and why do you think they kept it low for years? and why do you think they ..
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