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On a trip to the grocery store you want to purchase oranges, but the price is pretty high due to the canker disease that has affected the crops. What are your choices? Do you have alternatives? What causes a shift in the demand or supply of oranges (consider the determinants)? Lastly, are there other goods or complimentary items that might be affected by the shortage of oranges?
With current technology, suppose a firm is producing 800 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 5 units of land, 4 units of capital, and 1 unit of entrepre..
Choco deliete is a manufacturer of fine chocolates. Its monthly rental expense is $1,000,000. It also has $2 million in fixed labor costs. its marginal costs are $.70 per chocolate bar. If sales fall by 30 percent from 2 million chocolate bars per mo..
It will provide benefits of $4000 at the end of Year 1, $3,500 at the end of Year 2, and $3,500 at the end of Year 3. If the discount rate is 6%, will this project be approved using cost-benefit analysis?
When advertising fosters brand loyalty, critics claim that it. A key determinant of recent labor productivity has been. When a profit-maximizing firm makes a decision to employ a worker, that decision is based on. For a perfectly competitive firm to ..
"Which expression is another way of saying "marginal cost"? "
What is globalization (please define it both as a process and outcome)? What factors can you identify in explaining why globalization occurred? How do you assess its impact upon both rich countries and poor ones, in particular, the issue of inequalit..
What determines price elasticity of demand for a product. key determinants of price elasticity of demand are as follows: i. Availability of close substitutes- gas stations across street, very elastic.
A popular restaurant charges lower prices for alcoholic drinks in the late afternoon (4-6pm), but offers no such discounts at lunchtime or on weekends. What is different about demand characteristics for the same product at the same location but at di..
Which of the following statements is true on average? Federal tax and expenditure programs: Labor productivity is measured using the:
Describe each of the following economic functions of money and provide an example of each: (1) medium of exchange; (2) standard of value; and (3) store of value.
In many Sub-Saharan African countries, girls have lower enrollment rates in secondary schools than do boys.
If a product yields external benefits, then the:
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