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Stan needs 15 gallons of gasoline to top off his automobile's gas tank. If he drives an extra eight miles (round trip) to a gas station on the outskirts of town, Stan can save $0.10 per gallon on the price of gasoline. Suppose gasoline costs $3.90 per gallon and Stan's car gets 25 mpg for in-town driving. Should Stan make the trip to get less expensive gasoline? Each mile that Stan drives creates one pound of carbon dioxide. Each pound of CO2 has a cost impact of $0.02 on the environment. What other factors (cost and otherwise) should Stan consider in his decision making?
Assume an economy is closed. According to classical economic theory, explain what will be the long run effects of an increase in taxes. You may want to organize your answer around these three parts: A) Aggregate Supply/Output (includes a discussion o..
Your company has a customer who is shutting down a production line, and it is your responsibility to dispose of the extrusion machine. The company could keep it in inventory for possible future product and estimates that the reservation value is $250..
Why might focusing just on one measurement be too limiting? What other methods should we consider?''
For a single consumer, show the demand curve for three illness, L1, L2, and L3, where the degree of illness increases as the subscript increases from 1 to 3. Need the demand curves be parallel? Could they ever possible cross?
What happens when tariffs are imposed, in terms of the importing and exporting countries? Use graphs as needed and explain your answers thoroughly.
In the late 1990s, car leasing was very popular in the United States. A customer would lease a car from the manufacturer for a set term, usually two years, and then have the option of keeping the car. Why was the manufacturer losing money on this pro..
We can use the Cournot model to derive an equilibrum industry structure. For this purpose, we will define an equilibrum as that structure in which no firm has an incentive to leave or enter the industry. Find the long-run equilibrum number of firms i..
Describe the demand model and its purpose. Describe the supply model and its purpose. Some important questions need to be answered in your description.
The monetary system in any economy facilitates trade and allows people to trade more efficiently, as compared to a barter economy. In the United States
Describe the role and purpose of statistics and explain the primary types of statistics and contrast a population and a sample.
Which dominant Comparative politics theoretical approach might help us understand why US and Britain adopted Presidentialism and Parliamentialism governing systems?
q1. the price of a firms product increases from 5 to 6. as a result the quantity demanded of the product declines from
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