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You are thinking of setting up a lemonade stand. The stand itself costs $200. The ingredients for each cup of lemomade cost $0.50. You charge $1.00 for each cup of lemonade,
a. What is the fixed cost (FC) of doing business?
b. What will be the total cost (TC), total revenues (TR) and profit (P) for 50 cups of lemonade?
The short-run supply curve of a perfectly competitive firm is the rising portion of ___ above ___.
You are the oil minister of one of 5 key OPEC countries. The world demand for oil can be reduced to Q = 100 – p and therefore p = 100 – Q (where p is dollars and Q is in millions of barrels/day). You are considering cheating on the rest of the cartel..
Analyze the role of credit rationing in both a developed country and a less-developed country. How does the role of credit rationing influence economic growth and employment in these two countries?
Describe how manufacturing and service firms differ. Identify and discuss the issues global service businesses must overcome as they expand into foreign market?
A small nation is unable to affect world price. It imports peanuts at the price of $10 per bag. The deman curve is D=400-10P and the supply curve is S=50+5 P. Calculate and graph the effects of an import subsidy of $4 pe unit.
How will increasing taxes on the rich boost the economy? Does an increase in taxes for the rich benefit the poor or does it hurt the poor?
Daniel, a recent college graduate, is on his way home for the Christmas holidays from his new job. He gets caught in a snowstorm and is taken in by an elderly couple, who provide him with food and shelter. After the snowplows have cleared the roads, ..
How do the following activities contribute to the US Economy?
A consumer receives income y in the current period, income y' in the future period and pays taxes of t and t' in the current and future periods, respectively. The consuer can borrow and lend at the real interest rate r. Use diagrams to determine the ..
Supermarket ends its promotion. What does her budget constraint look like now. What combination of meat and potatoes maximizes her utility.
Critically examine the Ordinal Theory of Consumer Behavior? How a Consumer attains maximum level of satisfaction under this Ordinal Approach?
Ectrodactyly, also known as "lobster claw syndrome" is a recessive disorder in humans. If a phenotypically unaffected couple produces an affected offspring
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