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For each of the following decisions determine whether the manager is in a short-run or long-run situation.
a. A grocery store manager decides to stay open 24 hours a day rather than 16?
b. A grocery store chain decides to open another store in the city?
c. An office manager decides to add 5 new PC's?
d. An office manager decides to close the old office and move to a larger one?
e. A university president decides to build three new classroon buildings to cope with an expected increase in students?
f. A university president decides to increase faculty teaching loads to cope with an expected increase in students?
Illustrate what would neoclassical economists and new dissidents have to say about former Bush Administration's efforts to push forth a Free Trade of Americas with our South American, Central American and North American neighbours.
Mars and Hershey's dominate the domestic chocolate candy bar business. In this mature market; advertising by individual firms does little to convince more people to eat candy. Effective advertising simply steals sales from rivals. Briefly describe th..
Yesterday, the price of envelopes was $3 a box, and Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to buy only 8 boxes. Is Julie's demand for envelopes elastic or inelastic? What is Julie's el..
The interest rate generally considered to be the best indicator of day-to-day money market conditions and the one most directly monitored/targeted by the Fed is:
Gas prices fluctuate often and in both directions. How responsive do you think consumers will be to the price change when these fluctuations occur due to changes in supply? Why? Use the various determinants of elasticity to explain your answer. How d..
In contrast to the federal government budget of the US, the budgets of the individual states
Occupational licensing can accomplish which of the following?
q.suppose that the income tax in a certain nation is computed as a flat rate of 5 percent but no tax is levied above
Why is the stock market affected by predictions that the Federal Reserve will raise interest rates in the near future?
q1. firms with costs c q2 36 face demand p 24 - nq and behave under the rules of monopolistic competition. compute
Suppose an industry is composed of six firms. Four firms have sales of $100,000 each, and two firms have sales of $50,000 each. Explain how concentration ratios are calculated. Determine the concentration ratios in the market. Explain how the Herfind..
Suppose Jimmy says that he is willing to give up three apples in exchange for one banana, or give up one banana in exchange for three apples. Either trade is alright with him. Suppose that apples cost $2 and bananas cost $1. What trade, if any, would..
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