Which of the following people would be least likely to search the newspaper ads for bargains and clip store coupons?
a. a retired person
b. an unemployed person
c. a waitress earning $5 per hour
d. an attorney earning $100 per hour
e. a student on summer vacation
D
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Suppose GE produces 1 million light bulbs per month While labor is variable both in the short run and the long run, capital is fixed in the short run. Labor is sold at a rate w and capital is rented at a rate r. a. On a graph with labor on the horizontal axis, illustrate the current isocost and isoquant for GE. Carefully label the slope of the isocost. b. For the rest of the problem, suppose a new tax on capital is implemented but GE intends to continue to produce 1 million light bulbs per year. What will GE do differently in the short run and the long run? Explain using your graph from part (a). c. Using your answer to part (b), explain what happens to the short run cost curve in the short run. What happens to this short run curve in the long run? Do costs rise more or less in the
long run than they do in the short run? d. Do total costs rise more or less in the long run than total expenditures do in the short run? Explain. What will be an ideal response?
How do exchanges seek to reduce default risk in the futures market?
What will be an ideal response?
Two-thirds of sales tax revenues are collected by _____
a. the federal government b. state governments c. county governments d. city governments
A ticket to a concert costs $45 . You have a ticket and can resell it for $75 . Your opportunity cost of actually attending the concert is
a. $30. b. $45. c. $75. d. $120.