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Assume world oil supply is 72 million barrels per day at a price of $49 per barrel. Suppose that if the price per barrel of oil increases to $58 per day, then 83 million barrels of oil will be supplied.
Using the midpoint formula, what is the price elasticity of supply for oil? ___ (enter a numeric response using a real numer rounded to two decimal places.)
In this price range, the world supply of oil is ___________ (elastic or inelastic).
Suppose the production function for pasta is Q = 4kl. Does this cost function have increasing or decreasing returns to scale?
If the fluctuations in the economy's real growth rate from year to year are caused primarily by variations in the rate at which aggregate delivery increases
Lisa has a lawn-mowing business. Lisa hires students at $40 a day to mow lawns. Lisa leases 5 lawn mowers for $200 a day. Construct (graph) the corresponding marginal cost schedule. How many lawns should be cut during each day by Lisa’ business to mi..
The unemployment rate reported by the Bureau of Labor Statistics includes all of the following type of unemployment with the exception of
Charitable Contribution Carryovers. Bonnie's charitable contributions and AGI for the past 4 years were as follows: AGI: $50,000 (2012); $55,000 (2013); $58,000 (2014); $60,000 (2015); and Contributions subject to the 50% limitation: $40,000 (2012); ..
A consumer must divide $600 between consumption of products X and product Y. The relevant market prices are Px = $10 and Py = $40. Write the equation for the consumer's budget line.
You are the manager of a firm in a market where the demand is P = 50 − Q. You have only one rival, and both you and your rival face a production cost of $2 per unit. As it stands, you would both choose your output simultaneously. But you have the opp..
What are the benefits and drawbacks of having a health program that varies by state versus having one that is uniform across the country? Do you find that the positives of state flexibility outweigh the negative or vice versa? Is it fair that similar..
Which types of firms would normally maximize profits along with real-life examples? A producer of ballpoint pens has been purchasing ink from an ink supplier and is considering acquiring the ink supplier. Would the pen company be more or less likely ..
In the final round of a TV game show, contestants have a chance to increase their current winnings of $1 million to $2 million. If they are wrong, their prize is decreased to $500,000. A contestant thinks his guess will be right 50% of the time. Shou..
In an oligopolistic market, firms pay close attention to the strategies of their rivals. In monopolistic competition, with a large number of sellers, it is assumed that there is not this kind of rivalry, or interdependence. Why is there probably some..
Peanut butter and jelly are:
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