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What are the laws of supply and demand telling is about the variables they are measuring in a no control economy? What are a few non-price factors that shift these curves? What type of pressure exists on prices when there is a surplus of goods and shortages of goods.
A secondary reason for a government to impose a tariff is to:
A marketing firm is considering making up to three new hires. Given its specific needs, the management feels that there is a 60% chance of hiring at least two candidates. There is only a 5% chance that it will not make any hires and a 10% chance that..
What is the impact of monetary policy (selling or buying securities, lowering discount rate, increasing the reserve or lowering the required reserve ratio)
Suppose a caffeine-deprived man needs to wake up. Suppose his preferences on a day can be described by U=3*coffee+2*tea. If the price of coffee is $4 and the price of tea is $1. He has $12 to spend on these drinks on a day. Find his utility for the f..
Hospital is an example of a service processes that has
Jim and Lisa own a dog-grooming business in Champlain, New York, called JL Groomers. There are many buyers and many sellers in the dog-grooming service market. JL Groomers experiences normal cost curves, with the marginal cost (MC) curve crossing ave..
A multi concept restaurant incorporates two or more restaurants, typically chains, under one roof. Sharing facilities reduces costs of both real estate and labor. The multi concept restaurants typically offer a limited menu, compared with full-sized,..
For the production of the type Q = 2K + L with wage rate w = $1 and price of capital (rental rate) v = 1, the expansion path is K axis. Do you agree? If any firm experiences increasing returns to scale in a perfectly competitive industry then the ind..
You borrow $100,000 to buy a house; if the annual interest rate is 6% and the term of the loan is 20 years, what is the annual payment required
What level of excess reserves does the bank now have?
Suppose that the US dollar interest rate and the Swiss Franc interest rate are the same, 5 percent per year, but that there is a risk premium of 1 percent associated with holding Swiss Franc rather than US dollars over the year. Now suppose that the ..
CER defaults on its loan payments to Bank One. Can Bank One attach the 100 stereo systems CER bought from Stereo Manufacturer.
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