University of Colorado reserves 5,000 free tickets to each home football game for students. Students must stand in line to receive their ticket. Football tickets are allocated through which method?
A) market price
B) sharing equally
C) personal characteristics
D) first-come, first-served
E) force
D
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Professor Rush decided to quit teaching economics and opens a shoe store out at the mall. He gave up an annual income of $50,000 to open the store. A year after opening the shoe store, the total revenue for the year was $200,000
Rush's expenses were $30,000 for labor, rent was $18,000, and utilities were $1,200. He also had to purchase new shoes from manufacturers, at a cost of $60,000, which was financed by cashing in his savings of $60,000 that had been in a bank earning 8 percent per year. The normal profit from operating a shoe store in the mall is $20,000. Determine Professor Rush's explicit costs, implicit costs, and economic profit.
Suppose the quantity demanded of milk increases by 15% when milk prices are decreased by 3%. The price elasticity of demand for milk is
A) elastic and equal to 0.2. B) inelastic and equal to 0.2. C) elastic and equal to 5. D) inelastic and equal to 5.
Prior to 1914, did antitrust legislation have much effect on monopoly power in the United States?
When PAE < Y the economic response for inventories should be:
A. inventories will increase. B. inventories will decrease. C. there will be no change in inventories. D. inventories should decrease initially and then sharply increase.