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In the economic order quantity (EOQ) model, if the holding cost and the ordering cost both double, the value of Q* will:
A decrease by 50%.
B double.
C remain unchanged
D quadruple.
if demand is perfectly elastic the demand curve is horizontal. if demand for x shifts right as the price of good y increases, then x and y are substitutes. supply shifts rightward if input prices rise. it is possible for an economy to be inside its p..
Show the Income Consumption Curve for this consumer for income values M = 12, M = 24, and M = 36.
How much the quantity of a good traded changes after a shift of the supply curve depends on the size of the shift.
Inflation is forecasted to remain consistent with its target over the next 1-2 years. Inflation arises when:
How long will this discount change the consumer surplus and producer surplus? Will Big Top be more efficient by offering the discount to children?
A price-taking firm has a short run cost function SC(q) = 3q^2 + 18q + 600. Calculate the profit for this firm if the price is P = 72. Using either an integral or geometry, calculate the producer surplus for the firm at P = 72. Explain how the Produc..
Assume that apples are an inferior good. Draw a perfectly competitive market for apples and a firm selling apples in the long run equilibrium where price is $10 and the firm’s equilibrium quantity is 50. EXPLAIN what happens in the short-run if custo..
Provide summarized but full discussion of the case in favor of restricting trade. Using a simple model, present the benefits of trade negotiations for countries in today's global economy.
show the new quantity demanded at that price as we did in class. Also, show that the new total revenue will be greater than then old total revenue.
Draw the indifference curves that represent the following individual's preferences for peanut butter and jelly. Indicate the direction in which the individuals' utility is rising.
In many cases, particularly instances of hyperinflation, we do not observe a stable demand for real money balances that is proportional to real output (i.e, MD/p≠LxY). Explain how we alter the simple monetary model to derive the general monetary mode..
Consider that two drugs are available for the management of diabetic patients. The first, drug, the current practice, costs $12,000 over 15 years. The new drug costs $7,500 over 15 years. The outcome measure, quality adjusted life years (QALY) with t..
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