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Darius has entered a competition in which he must drive from his home town of Memphis, TN to New Orleans, LA, a distance of approximately 420 miles. If he arrives in 6 hours (an average speed of 70 mph), he will receive a prize of $250. If he arrives in 7 hours (an average speed of 60 mph), he receives $225. One of the competition rules is he must pay for his own gas, and Darius has calculated that he will average 24 mpg at 70 mph and 30 mpg at 60 mph. To maximize his winnings (prize money minus the cost of gas), at what speed should Darius drive if the price of gas is $4 per gallon? What if the price of gas is $5 per gallon? At what gas price would Darius be indifferent to arriving in either 6 or 7 hours if he wants to maximize his winnings? Other than maximizing winnings, are there any other considerations Darius should take into account when deciding on how fast to drive? Explain
Draw the 3 graphs required to show the impact on overall GDP of a decrease in the money supply. Also carefully explain, in your own words, the relationships between the graphs, the process of adjustment, and the overall impact of the money supply dec..
Your average total cost is $24; the price you receive for the good is $18. Should you keep on producing the good? Why?
Suppose someone else tells you that even if average real wages or average real compensation per hour increase, economic inequality could increase as well. Is this possible? To judge that overall prospects for a motion, what information might you want..
If prices of x and y are doubled while the income remains the same, the budget constraint:
Discuss the 3 types of elasticity with their 3 numbers, and give 2 examples each for elastic & inelastic products.
In the presence of “foreign repercussions,” why is the multiplier for an autonomous increase in home country exports smaller than the multiplier for an autonomous increase in home country investment? Explain in economic terms.
Do some research about the developing problem of computer crime, including identity theft.
Calculate the bank's total deposits and the amount of deposits that are part of M1 and M2.
Explain how to measure the price elasticity of demand and supply and the cross elasticity income elasticity of demand? Explain how you would calculate the price elasticity of demand for gasoline.
Suppose that a? firm's only variable input is? labor, and the constant hourly wage rate is ?$30 per hour. The last unit? (hour) of labor hired enabled the firm to increase its hourly production from 250 units to 251 units. What was the marginal cost ..
This is a business law question there is now select subject for business law so I chose economic Miller, R. (2013). Fundamentals of Business Law: What is the importance of risk management to the business enterprise?
What is the magnitude of the change in the equilibrium price and equilibrium quantity? Be sure to illustrate your answer with graph.
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