In April 2014, the money price of a carton of milk was $2.01 and the money price of gallon of gasoline was $3.63 . Calculate the relative price of a gallon of gasoline in terms of milk
What will be an ideal response?
The relative price of a gallon of gasoline in terms of milk equals ($3.63 per gallon of gasoline)/($2.01 per carton of milk) = 1.81 cartons of milk per gallon of gasoline.
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Why does a profit-maximizing firm hire labor up to the point where the value of marginal product equals the wage rate?
What will be an ideal response?
The U.S. Treasury is responsible for controlling the money supply and interest rates in the economy
Indicate whether the statement is true or false
A subgame-perfect equilibrium is a Nash equilibrium that
a. cannot persist through several periods. b. involves only credible threats. c. consists only of dominant strategies. d. is unique.
An industry consists of five firms with annual sales of $1,300, $500, $400, $100, and $600. What is the industry's HHI?
A. 10,000 B. 2,937 C. 5,654 D. There is not sufficient information to compute the industry HHI.