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Suppose that one canister of Pringles costs £25, that of Macadamia Nuts costs $5 per can, and that the relative price of Macadamia Nuts in terms of Pringles is 3 cans per canister. Figure out the following:
a) The dollar-pound exchange rate, i.e. the price of a pound sterling in terms of the dollar.
b) The dollar price of Pringles and c) the pound price of macadamia nuts.
In 1870, the U.S had an average income of about #2758 and the U.K of about $3463. In 1999, the figures were $30,600 and $22,640, respectively. If each country grew at a constant rate over these years, in which year did the U.S. overtake the U.K. in t..
If there were 60 firms in this market, the short-run equilibrium price of titanium would beper pound. At that price, firms in this industry would . Therefore, in the long run, firms would the titanium market.
In the short run, when there is an increase in aggregate demand:
Lubbock County is planning to construct a bridge across the Rio de Lubbock to facilitate afternoon skiing in the El Dusto Ski Basin. The first cost for the bridge will be $6,500,000. Annual maintenance and repairs will cost $25,000 for each of the fi..
Define and explain ‘Law of Diminishing Returns with the help of diagram. What are the different stages of production in the short run? Define and explain ‘Price Discrimination (PD)’ with the help of diagram. Also give examples of Price Discrimination..
Explain what is meant by "contribution analysis". Carefully define the term and provide examples to illustrate it.
Which of the following is one of the differences between the Articles of Confederation and the new Constitution created during the Constitutional Convention in 1787?
Explain how the reduction in supply from the reduced fishing waters will either increase or decrease consumer surplus and producer surplus.
Add the missing part (premise or conclusion) to make the following arguments valid. But don’t make them circular; make the conclusion follow from both premises but not just from one premise by itself. Use a Venn diagram. Every citizen with voting pri..
A price taking firm chooses its inputs to maximize long-run profits. Labor and capital are substitutes in production and both exhibit decreasing returns to scale, q(L, K) = L^(1/2) + K^(1/2) . The output price is 100 and the price of each of the inpu..
The day after a snowstorm, cars arrive at Mel’s Auto-Wash at an average rate of 10 per hour according to a Poisson process. The automated car washing process takes exactly 5 minutes from start to finish. What is the probability that an arriving car w..
What price should the leader charge to drive all the small firms out of the market? Write the marginal revenue function of the dominant firm.
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