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Consider the following costs of owning and operating a car. A $15,000 Ford Taurus financed over 5 years at 10 percent interest means a monthly payment of $318.71. Insurance costs $100 a month regardless of how much you drive. The car gets 20 miles a gallon and uses unleaded regular that costs $3.05 per gallon. Finally suppose that wear and tear on the car costs 15 cents a gallon. Which costs are fixed and which are variable? Why? Explain. Also, in deciding whether to drive from New York to Pittsburgh(about 1,000 miles round trip) to visit a friend, which costs would you consider and why?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
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What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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