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Jasmine's Snack Shop sells two brands of potato chips. She produces them by buying them from a wholesale supplier. Brand X costs Jasmine $1 per bag, and Brand Y costs here $1.40. Draw Jasmine's production possibilities frontier if she has $280 budgeted to spend on the purchase of potato chips from the wholesaler. Why is it not "bowed out"?
If the probability of a newborn child bieng female is 0.5, find the probability that in 100 births, 55 or more will be female.Use the normal distribution to approximate the binomial distribution.
A growing economy means that the economy is producing more and more "stuff", either because it has more resources (workers), or uses those resources more productively (smarter, better workers, working with better machines and systems).
trudeaus body shop incurs total costs given by tc 2400 100q. if the price it charges for a paint job is 120 what is
Explain why the price elasticity of demand is generally a negative number, except in the cases where the demand curve is perfectly elastic or perfectly inelastic. What would be implied by a positive price elasticity of demand
This is a self-reflection paper developed based on the classroom discussion around minimum wage. Explain the effect minimum wage has on the economy. List and describe both the pros and cons of the more recent increases in the federal minimum wage...
you are the owner of a small bread factory and are thinking of lowering costs and expanding. your small-business
As a result of increased tensions in the Middle East, oil production is down by 1.2 million barrels per day-a 5 percent reduction in the world's supply of crude oil.
Why is representative money more useful than commodity money. representative money has value because the government says it does or else.
Which country has a comparative advantage in producing fish? Explain why. Suppose that trade takes place between Kiribati and Tuvalu. Which good will Kiribati import from Tuvalu? Explain why.
Suppose that Marie’s marginal utility from consuming one more unit of bubble gum is 10 utils while her total utility from consuming one more unit of cake increases from 130 utils to 142 utils.
Suppose that a firm's production function is given by the Cobb-Douglas function q= (K^a)(L^ß) and that the firm can purchase all the K and L it wants in competitive input markets at rental rates v and w, respectively.
A monopolist is currently producing a level of output where Price = $110; Marginal Revenue = $10; Quantity = 100; Total Cost = $15,000; Marginal Cost = $10; Total Fixed Cost = $4,000.To maximize profits in the short-run, the monopolist should do.
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