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When the price of corn was "low," consumers in the United States spent a total of $3 billion annually on its consumption. When the price halved, consumer expenditures actually decreased to $1 billion annually. This indicates that:
A the demand for corn is elastic
B the demand curve for corn is upward sloping
C corn is a Giffen good
D the demand for corn is inlastic
Discuss a firm's objective relative to its economic cost. Describe each of the firm's economic cost, and whether these would be considered explicit or implicit. What is the difference between an economic profit and an accounting profit.
People are more likely to clean up waste in their homes than at a community park because people expect the community park to be dirty.
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Last Friday night, Rich went to a tavern to buy pizza and bottles of beer. He noticed that four pieces of pizza and two bottles of beer cost the same as two pieces of pizza and eight bottles of beer. What is the cost, in bottles of beer, of a slic..
Economists have observed that spending on restaurant meals declines more during economic downturns than does spending on food to be eaten at home. How might the concept of elasticity help to explain this phenomenon?
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What output will an individual firm be restricted if this price is to be maintained (assume all firms are permitted to produce the same level of output)?
Two of the major macroeconomic measures that tell us how 'healthy' the economy is are "the unemployment Rate" and "the rate of Inflation". How do they matter to you as an individual who is part of this economic system
Assume that a profit maximizing monopolist faces an inverse demand function given by p(), and a total cost given by c(y). Suppose the government wishes to combat the undesirable allocational effects of a monopoly
If we compare the betas of various investment opportunities, why do the assets that have higher betas also have higher average expected rates of return?
What is the difference between a price ceiling and a price floor? What will happen if a price ceiling is imposed below the market equilibrium? If a price ceiling for a good is set below the market equilibrium
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