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Suppose X and Y are substitutes and are both normal goods. Assume X in on the horizontal axis and Y is on the vertical axis, If the price of X increases, which of the following will NOT happens?
-The slope of the income offer curve will become flatter
-The slope of the income offer curve will become steeper
-The Engel Curve for X will become steeper/"shift" to the left
-The Engel Curve for Y will become flatter/"shift" to the right
An industry has 50 identical firms. These firms have the same production function, which is Y=3x1+x2. Each firm has $0 fixed cost. The cost of factor 1 is $4 and the cost of factor $2 is $1. Both factors are variable. If the firm acts optimally (aka cost minimized), The total production cost for the industry if each firm produces 15 units is:
-750
-1000
-3750
-Not enough information to determine
If a firm can sell its product for more than its fixed costs, but not for more than its totals costs:
In your own words, describe how the elements fit together. Choose one element from the list below and give a real life example that demonstrates how enterprise data management relates to the element.
Pollution control equipment for a pulverized coal cyclone furnace is expected to cost $190,000 two years from now and another $120,000 four years from now. If Monongahela Power wants to set aside enough money now to cover these costs, how much must b..
The manager of a vacation resort has claimed that, on average, a guest spends at least $1600 at the resort during a one week stay, including meals and entertainment. A member of the accounting staff does not believe the amount is that high. what woul..
Suppose a monopolistic competitor in long-run equilibrium has a constant marginal cost of $6 and faces the demand curve given in the following table: What will be the monopolistic competitor’s average fixed cost at the output it chooses? Why is the l..
There are two companies, A and B. Company A lowers its price for a certain product by 6% and sees an increase of about 12% in revenues. Explain what is happening in the cases of Company A and Company B. What do you think might be the difference betwe..
Why is the formula growth rate in NCF equals % plowback times return on investment stated in real terms in these Notes
What are the annual accounting costs for the firm described above? What are the annual explicit costs for the firm described above?
What is the minimum change in dollar sales needed to break even for the increase in machine expenses?
Chris was the business manager for a real estate firm earning an annual salary of $45,000. Then Chris decided to become a consultant.
Consider the horizontal quality model on the unit interval from 0 to 1. There are N consumers located uniformly along the interval. If the firms sell to the whole market, derive the function governing demand to each firm as a function of the two pric..
Illustrate what is level of utility the person will attain on a daily basis. Illustrate what will be the average level of utility attained per day during the year.
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