Damage from floods and hurricanes which destroy a large portion of this year's crop of oranges will ...
Damage from floods and hurricanes which destroy a large portion of this year's crop of oranges will definitely make oranges more price inelastic in supply.
What will the summer school cost you in terms of money explicitly paid
Suppose you plan to go to school this summer. The cost of tuition and textbooks is $1,400 and housing, board, and entertainment will cost you $500. if you didn't go to school, you'd live in your parents' house for free, but your other
The market demand and supply functions for toothpaste are: QD = 12 - 0.04P and QS = 3.8P + 4. ...
The market demand and supply functions for toothpaste are: QD = 12 - 0.04P and QS = 3.8P + 4. Calculate the equilibrium quantity and price and point elasticity of demand in equilibrium. Next, calculate consumer surplus.
Turnips are an inferior good. A rise in the price of turnips, all other factors remaining the same, ...
Turnips are an inferior good. A rise in the price of turnips, all other factors remaining the same, A) increases the quantity demanded of turnips. B) decreases the demand for turnips. C) decreases the quantity supplied of turnips.
A competitive firm sells its product at a price of $0.10 per unit. Its total and marginal cost ...
A competitive firm sells its product at a price of $0.10 per unit. Its total and marginal cost functions are: TC = 5 - 0.5Q + 0.001Q2 MC = -0.5 + 0.002Q, where TC is total cost ($) and Q is output rate (units per time peri
Dale likes to consume both sweatshirts and jackets. The price of a sweatshirt is $20, while the price of a jacket is $60. If Dale's marginal benefit of another sweatshirt is
A new cure for Toenail fungus is discovered for individuals resistant to the original treatment. At ...
A new cure for Toenail fungus is discovered for individuals resistant to the original treatment. At this point the firm producing this drug a. Could be considered a monopoly b. Would be protected from entry by patents c. Would be f
Suppose that the required reserve ratio is 10 percent and you withdraw $25,000 from Comerica Bank. W
Suppose that the required reserve ratio is 10 percent and you withdraw $25,000 from Comerica Bank. What is the deposit multiplier? What is the total decrease in deposits in the banking system? What is the change in the money supply?
From the economist's point of view, dividends paid to stockholders are part of a corporation's costs
From the economist's point of view, dividends paid to stockholders are part of a corporation's costs A) because taxes are paid on a corporation's profits prior to the payment of dividends. B) because they must be included in
Phone data plans often charge a high price for the first 10 megabytes, a lower price for the next ...
Phone data plans often charge a high price for the first 10 megabytes, a lower price for the next 100 megabytes, and a very low price for the next 1,000 megabytes. An economist would say this is because A) not many people have cell phones these
John gave Margaret a $20,000 painting for her birthday. Last week, an art dealer offered to buy the ...
John gave Margaret a $20,000 painting for her birthday. Last week, an art dealer offered to buy the painting from Margaret for $25,000. Margaret said no. The opportunity cost of her decision is A) $5,000. B) $45,000. C) $0. D) $20
To ensure that hamburger companies earn enough profit, last year the local government set a minimum ...
To ensure that hamburger companies earn enough profit, last year the local government set a minimum price for a hamburger of $4.00. This price is an example of A) a shortage price. B) a price floor. C) a price ceiling. D) an equilibrium price. E
Suppose there are 100 consumers with identical individual demand curves. When the price of a movie ...
Suppose there are 100 consumers with identical individual demand curves. When the price of a movie ticket is 8, the quantity demanded for each person is 5 . When the price is 4, the quantity demanded for each person is 9 . Assuming the law of demand
"Other things remaining the same, if the price of a good rises, the quantity supplied of that good i
"Other things remaining the same, if the price of a good rises, the quantity supplied of that good increases." This sentence describes a A) shift of a supply curve. B) shift of the price curve. C) movement along a supply curv
The following data for the lew grow Garden Supplies Company pertains to the production of 2,500 ...
The following data for the lew grow Garden Supplies Company pertains to the production of 2,500 garden spades during March. The spade consists of a wooden handle and a metal forged tool that comes in contact with the ground.
How does the economist's measure of profit differ from the accountant's measure?
How does the economist's measure of profit differ from the accountant's measure? A) Economists subtract total revenue from total cost; accountants do the opposite. B) Economists subtract total costs from total revenue; accountants
You have a bet that you can eat more pizza slices than your friend. The loser has to pay for all the ...
You have a bet that you can eat more pizza slices than your friend. The loser has to pay for all the pizza. Which statement is true ? A) Your total benefit increases with each slice of pizza you choose to eat. B) As long as you don't g
The introduction of ATMs - automated teller machines - led Scotiabank to open additional bank ...
The introduction of ATMs - automated teller machines - led Scotiabank to open additional bank branches with ATMs. An economist suggests this is because A) demand decreased. B) input prices are higher. C) the marginal opportunity cost o
When the price of coffee is $2.2 per cup, 11 million cups are demanded, and when the price of coffee ...
When the price of coffee is $2.2 per cup, 11 million cups are demanded, and when the price of coffee goes up to $2.6 per cup, 10 billion cups are demanded. The coffee in this range has a(n) A) elastic demand. B) inelastic demand. C) unit elastic d
Ayanna grows herbs. Last year she grew 2,000 pounds of herbs in a year while using 250 square feet o
Ayanna grows herbs. Last year she grew 2,000 pounds of herbs in a year while using 250 square feet of land and 1 worker. This year she doubled her land to 500 square feet, doubled her workers to 2, and grew 4,500 pounds of herbs. She sells her rare,
The marginal benefit and marginal private cost curves for aphrodisiacs are given as follows: MB = ...
The marginal benefit and marginal private cost curves for aphrodisiacs are given as follows: MB = 200 - Q MPC = Q In addition to private costs, there is a marginal external cost of $10 per unit of output. What is the efficient level
This question asks me to rearrange it, I believe, I have done so and plugged in the numbers, but it's marking it wrong for some reason. The question is the following:
Suppose demand for masks is QD = 15 - P. The supply of masks is
Your firm has a marginal revenue given by the equation 30 — Q. This means that the third unit Of output brings in 30 — 3 = $27 Of additional revenue. The marginal cost for your firm is MC= 10
A health club requires six-months advanced payment. A commuter railroad offers discounted monthly ti
A health club requires six-months advanced payment. A commuter railroad offers discounted monthly tickets. What do they clearly have in common? A) They are earning profits. B) They are selling short. C) They are exploiting customers.
I'm not sure how to find the answer to this question?
Suppose the price of X is $60, the price of Y is $70, and a consumer has income of $840. Using the line drawing tool, show the budget constraint for this consumer
Consider the following pair of figures where the dark blue line is the original budget line for a consumer and the light blue line is the new one. In Figure A, the change shown was caus
I'm not sure where I'm supposed to draw the line. I drew a line to the right of it, but it marked it. wrong and I'm not sure why? is it supposed to be to the left of the line? Is it possible to know the exact coordinates?
Mr. Jones, an elderly man living on his retirement, pulls $100,000 from certificates of deposit (CDs
Mr. Jones, an elderly man living on his retirement, pulls $100,000 from certificates of deposit (CDs), which were returning an annual rate of return of 5%. He thinks the credit freeze is over and stock markets are headed up, but ends up losing 40% in
How would the equilibrium price in a market be affected if there were a small leftward shift in the demand curve and a large leftward shift in the supply curve?
The equilibrium price increases. The equilibrium price woul
Of the following cancer patients, who is speculating?
Of the following cancer patients, who is speculating? A) The one who follows their doctor's advice and elects chemotherapy B) The one who goes against their doctor's advice and rejects chemotherapy C) The one who gets a secon
I'm not sure why I have got it wrong, I calculated marginal total cost and chose the option which was cheapest(contractor), but its marking it wrong and I'm not sure why or maybe its the second question I put $10 for that.
