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Suppose, at a given point in time, Stephanie's Soda Fountain sells ice cream in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production its average total cost of producing ice cream is $3.30, average variable cost is $2.50, and price is $3.40. Over time, everything else held constant, the quantity of ice cream transacted will Increase/decrease/remain unchanged Explain why!
If demand is represented by Qd = 50 - 0.5P + 0.005I where I = $50,000 and supply is represented by Qs = 100 + 0.4P -2W where wages (W) = $15.00, compute the equilibrium price and quantity. What happens if income falls to I = $40,000? Please show all ..
Should the advertising budget be changed for the upcoming year? How should it be done? Should you develop a new product for an existing product line? What must you decide?
A fast food restaurant currently pays $5 per hour for servers and $50 per hour to rent ovens and other kitchen machinery. The restaurant uses seven hours of server time per unit of machinery time. Write down the isocost equation for the restaurant.
During World War II there was a freeze on wages, and corporations found they could evade the freeze by providing other fringe benefits such as retirement funds and health insurance for their employees. The Internal Revenue Service went along with thi..
What is the opportunity cost of Josephine's trip to the wedding
The substitution effect of a higher real interest rate on current consumption refers to a/an {INCREASE, DECREASE} in current consumption that takes place as a result of current consumption becoming more expensive than future consumption.
How would the following changes in price affect total revenue? That is, would total revenue increase, decline, or remain unchanged?
Suppose that currency in circulation is $500 billion, the amount of checkable deposits is $1,000 billion, excess reserves are $150 billion, and the required reserve ratio on checkable deposits is 10%. Calculate the money supply, the monetary base, th..
Describe three major shifts in the scope of the federal government’s power that occurred between the Civil War and the present.
Participate in a discussion with your classmates regarding how international trade affects our lives. You have a big stake in the politics of free trade versus international trade protections. As a buyer, your self-interest is hurt by tariffs and quo..
Illustrate what do economists call the percentage change in real GDP from year to the next. Under a business agreement 70/30 why should the 70% shareholder decision carry all day.
A life-insurance salesman spends 9 hours a week on the telephone soliciting new clients. From past experience, the salesman estimates that each hour spent calling students, blue-collar workers, and professionals will produce the following number of a..
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