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Suppose a consumer has $600 to spend on two goods, Good X and Good Y. The price of Good X is given by PX = $20. The price of Good Y is given by PY = $15. Graph the consumer's budget constraint.
Please put the quantity of Good X on the horizontal axis, and the quantity of Good Y on the vertical axis. Be sure to label your graph carefully and accurately. What is the slope of the budget constraint?
Explain the difference between accounting profit and economic profit. Include discussion of the distinction between explicit and implicit costs and how they relate to economic cost and opportunity cost.
What price would Soft Rock have to charge to sell 2,000 T shirts? Compute the own price elasticity of demand when the price goes from $5 to $4.
The market for DVD’s has a supply and demand curve P’= 2Qs and P=42-Qd a. How many units will be traded at a price of $35? At $14? Which participants will be dissatisfied at these prices?
Which of the following methods is used by unions to increase the demand for the labor of its members? what is an agreement between a manufacturer and a distributor on the price at which a product will be resold.
Discuss why the number of children that a family has may differ in an Industrial Society and a Third World Agrarian Society.
Suppose there are two technologies for producing steel. Under technology A, a firm's short-run total cost function is STCa(q)=1/2q^2+100q+10 with SMCa(q)=q+100, and using technology B it is STCb(q)=2q^2+6 with SMCb(q)= 4..
Aside from maximizing profits, assess the factors that managers must consider when making the decision to outsource or integrate forwards or backwards considering which factor would be most influential for decision-making.
Discuss the relationship between shoe brands P and N, and also the type of good that shoes P can be classified as and discuss the meaning of R-square and the t-value for the parameter estimate on the Pp and PN.
1. consider the production functionwhere q is total output k is the amount of capital used and l is the amount of labor
What is the opportunity cost of producing pastries and sandwiches in West Coast? Which nation has a comparative advantage in producing pastries and which nation has a comparative advantage in producing sandwiches?
Determine the effective interest rate that Chuck would receive when the bond matures, if it has paid dividends as scheduled.
Wireless high speed internet is provided for free in the airport of the city of communityville. At first, only a few people use the service. What type a good is this and why.
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