Economics

A problem involving food prices and consumption in Sweden in 1850 and 1890 was p

A problem involving food prices and consumption in Sweden in 1850 and 1890 was previously studied. Potato consumption was the same in both years. Real income must have gone up bet…

A problem with using a \"revenue sharing\" plan to compensate employees is that

A problem with using a "revenue sharing" plan to compensate employees is that the plan Does not provide incentives for employees to work hard Will be costly if revenues are low Do…

A producer is hiring 20 units of labor and 6 units of capital (bundle A ). The p

A producer is hiring 20 units of labor and 6 units of capital (bundle A). The price of labor is $10, the price of capital is $2, and at A, the marginal products of labor and capit…

A producer is said to have an absolute advantage in the production of a good whe

A producer is said to have an absolute advantage in the production of a good when: A.the producer has a lower opportunity cost than another producer. B. the producer can sell the …

A producer of handbags uses a designer label in order to differentiate her produ

A producer of handbags uses a designer label in order to differentiate her product from that of another producer. Which of the following would best explain why the producer would …

A producer of photocopiers derives profits from two sources: the immediate profi

A producer of photocopiers derives profits from two sources: the immediate profit it makes on each copier sold and the additional profit it gains from servicing its copiers and se…

A producer of photocopiers derives profits from two sources: the immediate profi

A producer of photocopiers derives profits from two sources: the immediate profit it makes on each copier sold and the additional profit it gains from servicing its copiers and se…

A producer of synthetic motor oil for automobiles and light trucks has made the

A producer of synthetic motor oil for automobiles and light trucks has made the following statement: "One quart of Dynolube added to your next oil change will increase fuel mileag…

A producer produces good y using a single input x according to the production fu

A producer produces good y using a single input x according to the production function y=x^a where 0<a<1. The producer can sell as much as he wants at a unit price p, but mu…

A product whose EOQ is 40 experiences a increase in ordering cost from $10 per o

A product whose EOQ is 40 experiences a increase in ordering cost from $10 per order to $90 The revised EOQ is a. three times as large b. one-thirdas large c. nine times as large …

A production function Select one: a. defines the average amount of output that c

A production function Select one: a. defines the average amount of output that can be produced with inputs such as capital and labor. b. defines the minimum amount of output that …

A production function exhibits decreasing returns to scale if: when you double e

A production function exhibits decreasing returns to scale if: when you double each input, you more than double the output when you double one input, you double the output when yo…

A production operation is a single-channel, single-phase, unlimited-queue-length

A production operation is a single-channel, single-phase, unlimited-queue-length queing system. Products arrive at the operation at an average rate of 90 per hour, and theautomate…

A production point inside of the production possibilities frontier is.... 1. Ine

A production point inside of the production possibilities frontier is.... 1. Inefficient because there may not be enough technology to produce more. 2. Inefficient because there i…

A production possibilities frontier A. shows the market for a good or service. O

A production possibilities frontier A. shows the market for a good or service. O B. shows the act of buying and selling O C. shows how participants in the market are linked. D. sh…

A production possibility frontier illustrates the ________ facing an economy tha

A production possibility frontier illustrates the ________ facing an economy that ________ only two goods. 1 Marks: 1 The incentives built into the market economy ensure that reso…

A production process exhibits economies of scale if: The total cost of productio

A production process exhibits economies of scale if: The total cost of production decreases as output increases The marginal cost of production decreases as output increases The a…

A professional baseball player signs a contract for $164 million to play with a

A professional baseball player signs a contract for $164 million to play with a team for 7 years. He and his team agree that the contract will be spread out so that the player is …

A professional sport athlete, let’s call her Sue, has a nonguaranteed (meaning t

A professional sport athlete, let’s call her Sue, has a nonguaranteed (meaning that she receives no salary if she is cut from the team or injured) contract that pays her $5 millio…

A professor owned a home next door to a very dilapidated, neglected home. John C

A professor owned a home next door to a very dilapidated, neglected home. John Cataldo purchased the home next door and made a contract with Wizard Home Improvements for a complet…

A professor spends 10 hours per day giving lectures and writing papers For the p

A professor spends 10 hours per day giving lectures and writing papers For the professor, a graph that shows his various possible mixes of output (lectures given per day and paper…

A profit -maximizing firm in a monopolistically competitivemarket differs from a

A profit -maximizing firm in a monopolistically competitivemarket differs from a firm in a perfectly competitive marketbecause the firm in the monopolistically competitive market.…

A profit maximizing firm asks you to advise them in coming to a decision on a re

A profit maximizing firm asks you to advise them in coming to a decision on a recent offer they have received. They tell you the following information about current costs of produ…

A profit-maximizing competitive firm uses inputs 1, . . . to produce one output

A profit-maximizing competitive firm uses inputs 1, . . . to produce one output . Let () be the maximum profit attainable at prices = (, 1, . . . , ), where is the price of the ou…

A profit-maximizing firm in a competitive market is currently producing 100 unit

A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, and its average total cost is $8. Identify which if any…

A profit-maximizing firm is producing where MR = MC and has an average total cos

A profit-maximizing firm is producing where MR = MC and has an average total cost of $4, but it gets a price of $3 for each good it sells. a. What would you advise the firm to do?…

A profit-maximizing firm is producing where MR = MC and has an average total cos

A profit-maximizing firm is producing where MR = MC and has an average total cost of $4, but it gets a price of $3 for each good it sells. What would you advise the firm to do? Th…

A profit-maximizing firm is producing where MR = MC and has an average total cos

A profit-maximizing firm is producing where MR = MC and has an average total cost of $12, but it gets a price of $8 for each good it sells. What would you advise the firm to do if…

A profit-maximizing firm produces a final good y by using an input r. The techno

A profit-maximizing firm produces a final good y by using an input r. The technologically feasible production plans are described by the following function: y = f(x) x The output …

A profit-maximizing firm will use less of an input as long as: The marginal phys

A profit-maximizing firm will use less of an input as long as: The marginal physical product of the input is less than the marginal revenue product of the input O The extra cost o…

A profit-maximizing firm will use more of a factor of production when: A.The ext

A profit-maximizing firm will use more of a factor of production when: A.The extra cost of using an additional factor unit is less than the marginal revenue product of the additio…

A profit-maximizing monopolist that produces in the short run will: a) produce t

A profit-maximizing monopolist that produces in the short run will: a) produce the level of output where marginal revenue exceeds marginal cost by the largest amount. b) increase …

A profitable company making earthmoving equipment is considering an investment o

A profitable company making earthmoving equipment is considering an investment of $100,000 in a truck that will have a five-year useful life. It expects to sell the truck after fi…

A profitminusmaximizing firm will pay a worker: A. the revenue that it earns by

A profitminusmaximizing firm will pay a worker: A. the revenue that it earns by selling one unit of the product. B. the value of the worker's marginal product. C. more than the va…

A program for patrolling a U.S region for illicit activities using aircraft is b

A program for patrolling a U.S region for illicit activities using aircraft is being assessed. An associated estimate of the total economic benefits of the interdiction vs. the nu…

A project has an initial cost of 12 million. There are parts of the project that

A project has an initial cost of 12 million. There are parts of the project that would required additional cost of 1.5 million every 3 years. If the interest rate is 9% per year c…

A project is being planned to provide energy and recreational benefits. The esti

A project is being planned to provide energy and recreational benefits. The estimated benefits and costs expected to be derived from the three alternatives under consideration are…

A project requires investment of 160,000 dollar at year zero. There are 4 possib

A project requires investment of 160,000 dollar at year zero. There are 4 possible outcomes anticipated for this investment: 25% probability of success with annual income of 40,00…

A promising solution to controlling the \"power of the tech titans\" might be...

A promising solution to controlling the "power of the tech titans" might be... A. Ensuring that consumers retain property rights over their data that is revealed in online exchang…

A proposed nuclear power plant will cost $2.3 billion to build and then will pro

A proposed nuclear power plant will cost $2.3 billion to build and then will produce cash flows of $310 million a year for 15 years. After that period (in year 15), it must be dec…

A proposed project will entail a large capital expenditure in Years 1-3, followe

A proposed project will entail a large capital expenditure in Years 1-3, followed by a series of benefits from years 4 through 30. A benefit cost ratio analysis was conducted for …

A proposed toll bridge is being designed for a life of 50 years. The initial cos

A proposed toll bridge is being designed for a life of 50 years. The initial cost of the bridge is $3,750,000 and annual maintenance costs are estimated to be $30,000. The bridge …

A proposed toll bridge is being designed for a life of 50 years. The initial cos

A proposed toll bridge is being designed for a life of 50 years. The initial cost of the bridge is $3,750,000 and annual maintenance costs are estimated to be $30,000. The bridge …

A protein drink produce producer is a monopolist in a regional market. The follo

A protein drink produce producer is a monopolist in a regional market. The following information represents the demand for protein drinks (with quantity measured in numbers of bot…

A protein drink producer is a monopolist in a regional market. The following inf

A protein drink producer is a monopolist in a regional market. The following information represents the demand for protein drinks (with quantity measured in numbers of bottles) an…

A public private initiative in Texas will significatly expand the wind generated

A public private initiative in Texas will significatly expand the wind generated energy through out the state. The cash flow for one phase of the project involving Centrasl point …

A public relations firm is retained to \'cover the media\' for a client. There i

A public relations firm is retained to 'cover the media' for a client. There is something peculiar about to being paid to chat with other people. a) When the p.r. Firm doubles its…

A publisher faces the following demand schedule for the next novel from one of i

A publisher faces the following demand schedule for the next novel from one of its popular authors Marginal revenue The author is paid 2million to write a book, and the marginal c…

A publisher faces the following demand schedule for the next novel of one of its

A publisher faces the following demand schedule for the next novel of one of its popular authors: The author is paid dollar 2 million to write the book, and the marginal cost of p…

A publisher initially prices both hardback books and paperback books at $30 per

A publisher initially prices both hardback books and paperback books at $30 per book. Each book costs $3 to produce.   Price Quantity Total Revenue Total Cost Profit Hardback $30 …