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In 2013, In and Out charged $6.50 for a hamburger and sold 3,000,000 of them. In 2016, although In and Out raised the price to $8.00, sales of his burgers rose to 4,000,000. Use the concepts of a shift in the demand curve versus a movement along the demand curve to explain why this increase in sales does not represent a violation of the law of demand. Provide examples and details that explain this occurrence.
q1. the basic concern of microeconomics isto keep business firms from losing moneyto prove that capitalism is better
Average cost includes both fixed and variable costs, whereas the marginal costs include only variable costs. Therefore, marginal cost is never greater than the average cost." Comment on this statement.
The annual federal budget is the plan for obtaining and expending revenue of the federal government. In a minimum of two paragraphs, describe the source(s) of government revenue and the types of expenditures in the typical federal budget.
Demand and supply analysis, what is the impact on price and quantity in the market for live chickens and explain what the calculated elasticity value means.
You plan to withdraw equal annual amounts on your sixty-first, sixty-second, seventieth birthdays. How much will be your annual withdrawal? b. On your sixty-fifth birthday, you decide to withdraw the entire amount remaining. How much do you withdra..
For the cash flows shown, use an annual worth comparison and an interest rate of 10% per year. Determine the alternative that is economically best. Determine the first cost required for each of the two alternaqtives not selected in (a) so that all al..
In a short essay of at least two paragraphs, first explain what you think the benefits of requiring a balanced budget would be. If you don't see any benefit to such a requirement, then explain that instead and fully explain your reasons to support yo..
Suppose the government decides to impose a tax on gasoline and use the revenues to reduce income taxes in a manner such that consumers' income tax reduction equals the amount of gasoline tax paid. Using indifference curves and budget constraint analy..
Our desires and satisfactions are often relative not only to what others have but also to what we ourselves have become accustomed to. A small amount of tasteless food can be the source of immense satisfaction to a very hungry person. The marginal co..
Briefly explain why the three variables are appropriate explanatory variables to predict the consumption of services or why they are related to consumption.
Principles of economics for evaluating and assessing the need for the public health initiative, A brief description of whether the initiative is a micro or macroeconomic program, A determination of whether the result of the initiative is a public or ..
Explicate why one of them brings positive effects to the economy also the other negative effects.
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