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The Wall Street Journal (newspaper) of September 9, 2016, reported "recent tropical storms and hurricanes in the Gulf of Mexico interrupted oil shipments to oil refineries in the area." When an economist says the "supply of oil decreased" she means that: A. The supply curve of oil has shifted to the right. B. Producers are now willing and able to make less oil available at each possible price. C. The price of oil has decreased and, as a result, producers are making less glass available. D. Producers are now willing and able to make more oil available at each possible price. E. The price of oil has increased and, as a result, producers are making less oil available.
Which of the following is closest to the equivalent annual worth of a project with an initial cost of $200,000, annual costs of $35,000, annual revenues of $95,000 and a salvage value of $10,000 after 7 years? Assume an interest rate of 10% per year.
Consider a competitive industry with many identical firms. The supply curve of an individual firm is given by S1(p) = 2p when p ≥ $2 and S1(p) = 0 when p
Describe demand and marginal income curves faced by a industry in a purely competitive market. Are they different from those faced by a industry in oligopolistic competition.
In 2002, a well known conglomerate that produces a multitude of noncompeting customer products instituted a corporate wide initiative to encourage the managers of its many divisions to share consumer demographic info.
Less-Developed Countries (LDCs) are caught in a vicious circle of poverty. For output to increase, they must build up capital. To build up capital, they must save and consume less than what they are producing. How should developed-countries and inter..
Consider a monopolist that produces a good at a constant marginal and average cost of 5$. The market demand is given by p=53-Q. calculate the monopolists profit at the profit at the profit maximizing equilibrium.
Prepare a table that shows total variable cost, average total cost, and marginal cost at each level of output.
Koichiro and Sylvia are starting a new high-volume Sushi restaurant, called Robo Sushi in Davis. While Koichiro plans to manage the business himself, he needs to employ some combination of workers and \sushi-bots" (sushi-making robots) to produce the..
Explain how firm could employ computed elasticities in its pricing and marketing decisions. Which of se variables have statistically significant relationships with sales.
Dan Demaar and Rob Runten are working on a class assignment on economic growth. Dan collects the GDP growth data for the country Fanez, which is located in the Middle East.
Another student advocates the forced break-up of large firms, such as Microsoft and AT&T, on the grounds that they have a lot of monopoly power, which they use to charge inefficiently high prices. According to Schumpeter, would breaking apart these g..
A permanent endowment at Wartburg College is to award scholarships to engineering science students twice per year. The first awards are to be made beginning 11.5 years after a $2.2 million lump sum donation is made.
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