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Steve was spending all of his income by purchasing 12 units of gasoline and 36 unit of potato chips. The price of gasoline increased from $32 to $94. The price of potato chips remained the same at $23. How much would Steve's income have to rise so that he can still exactly afford 12 units of gasoline and 36 units of potato chips? (remember consumer income is always exhausted). (Hint: use the budget equation with the prices and quantities given to you in the problem).
21st century insurance offers mail-order auto mobile insurance to preferred risk drivers in the Los Angeles area.
Explain why study pure competition if actual purely competitive markets do not exist? What can we learn from highly competitive markets. Briefly discuss.
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 100 - 0.5P, and the marginal cost of production is $80. Determine the optimal number of units to put in ..
As a rule, the optimal capital structure is found by determining the debt-equity mix that maximizes expected EPS.
Interview 10 people on "What type of breakfast do you prefer," and prepare a basic research report. Conclusion: Discuss your findings, state whether your initial hypothesis was correct or not, and provide a rationale for your answer. Also, provide de..
This is question one regarding the Fair Labor Standards Act of 1938 and subsequent amendments. For this question list the main components of the original act and provide a paragraph on each one and its impact on the American workplace. Remember to in..
Suppose that the City of Detroit enacts a rent control law that reduces all current rents by 10%. Give the short run effects of the law: If the Detroit apartment rental market is competitive. Explain whether there is a shortage of apartments, a surpl..
The impact of a catastrophic failure can be the difference between making and breaking an organization. Many government agencies and enterprise organizations practice full-scale recovery. RIM / Blackberry suffered a major catastrophic failure in i..
The US stock market has set records for high values in recent months. This means the overall wealth of the populace has increased. What effect does this have on the following?
Consider a situation where a monopolist faces the foloowing inverse demand curve, p = 240 - 2q and constant marginal costs of MC = 40. Suppose that a regulator imposed a price ceiling on the monopolist of p = MC = 40. Suppose the regulator was suscep..
In a Monopoly market, a firm is a price maker since there are no close substitutes to the product. You are asked to find the company’s Shut-Down, Break-Even, and Profit-Maximization points. Fixed Costs remains at $1,000.00. Graph the TC and TR on one..
After you became “Minister of Accounting” in Freedonia, The BRICK Company established a Freedonian subsidiary known as Little Bricks. Under your leadership, the Freedonian economy did well and inflation was not a problem so The BRICK Company reported..
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