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The U.S. government keeps statistics on many people in America. One interesting statistic is the poverty rate. To be living in poverty, one must earn income below a certain threshold (approximately $900 per month). Many multimillionaires are included in this statistic. Recently, Barbara Streisand was "living in poverty." In a particular year, she did not perform live, and her album sales were extremely slow. She has a great deal of wealth but had little income that year. Although she has more money than 99.99% of the rest of the population, the government believed that she was impoverished. What other statistic can you name that is misleading? Why?
A manufacture has been selling 1900 television sets a week at $540 each. A market survey indicates that for each $11 rebate offered to a buyer, the number of sets sold will increase by 110 per week. a) Find the function representing the demand p(x), ..
Suppose mountain spring water can be produced at no cost and the inverse demand for mountain spring water is P = 1200 – 0.2Q. Suppose the market of mountain spring water is supplied by a monopoly firm that cannot price discriminate. Find the monopoly..
In what respect is the shape of a country's offer curve analogous to the relationship between price changes and total revenue changes
How does the AS during short run slopes? Draw AS curve in the long run. Explain the slope of the AS curve in the long run. What are the causes for the changes in AS (Shift)? What is Equilibrium in AD and AS. What happens if AD increases above equilib..
A small Indiana town has one resident who uses and enjoys the local bowling alley. The marginal benefit of bowling for that resident is given by MB=50-7Q. The manager at the bowling alley has set the price of a game at $20. What is the total benefit ..
If Fran can produce either 15 pizzas or 50 cheesecakes per day, which person (Frank or Fran) has an absolute advantage making pizzas?
1. Define, in your own words, the concept of globalization. 2. Relates your response to the concepts of developing economies and emerging economies.
If a firm is contracted to provide the specifications for a data backup facility for a company that was just devastated by an F3 tornado. What are some design considerations to ensure important data is not lost should this happen again?
Training and Friction. Assuming diminishing marginal product of additional workers and diminishing marginal product of additional hours-per-worker, how would a profit-maximizing arm adjust its mix of workers and hours-per-worker in response to [ceter..
Compare and contrast the major negative fluctuation in the 1980s with that of the Great Recession (post-2007) with a focus on (i) the extent of the fluctuation and (ii) the speed of the recovery.
Why do most foreign firms with subsidiary ventures in China prefer a wholly foreignowned entry mode, rather than the joint venture entry mode?
Not too long ago Hurricane Sandy hit the northeast portion of the United States, causing serious and costly damage. Given what you've learned this week, what can we conclude probably happened to the price of portable generators? To the price of food?..
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