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Costs are very important not only to us as individual consumers, but also to businesses who must control costs in make the desired profit. We should have learned that in this chapter (if we did not already know that). In this discussion answer the following questions (and support your answer(s)): What can cause a firm's cost curves to shift up or down? How would a shift of the cost curves affect a firm's profits?
Some economists believe that creeping inflation cannot be accepted because a gradual increase in prices leads to an ever-rising rate of inflation. Other economists argue that in order to achieve economic growth, some moderate price increases are nece..
Illustrate the effect of each of these proposed policies in a demand and supply diagram of the gun market. For each question, show the price paid by consumers, th eprice received by producers an dthe quantity of guns sold.
Some observers believe that large U.S. government deficits will lead to higher inflation in the future. If this did happen, how could the PPP theory be used to forecast the impact of this higher inflation on the value of the dollar?
At the end of its third year of operations, the Sandifer manufacturing Co. had $4,513,000 in revenues, $3,333,000 in cost of goods sold, $446,000 in operating expenses which included depreciation expense of $152,000, and a tax liability equal to 34 p..
In game theory, a dominant strategy is one _______________
When you retire, you will combine your money into an account with a 9 percent return. How much can you withdraw each month from your account assuming a 25-year withdrawal period.
Suppose the U.S. and Mexico both produce 2 goods, tablets and cereal, using 2 inputs, capital (K) and labor (L). The production of tablets is capital-intensive, and that of cereal is labor-intensive.
The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $25. The cost of other variable inputs is $400,000 per day
What are the similarities and differences in free versus fair trade arrangements? How are these reflected in the actual prices of coffee? Are fair trade principles both an effective and economically efficient trading mechanism? Is fair trade coffee s..
A profit-maximizing monopolist named Edd faces a demand function given by q = 1000 - 20p, where p is the price of his output in dollars. He has a constant marginal cost of 20 dollars per unit of output. In an effort to induce Edd to increase his outp..
During Great Depression, businesspeople in United States were very pessimistic about future of economic growth and reluctant to increase investment spending even when interest rates fell. How did this limit potential for monetary policy to help al..
Suppose Mary’s utility function for two goods X and Y is given by: U(X,Y) = 2X1/2Y1/2. Suppose consumption bundle A consists of 10 units of X and 10 units of Y, and consumption bundle B consists of 20 units of X and 5 units of Y. Consumption bundle A..
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