In January, 2,500 quarts of ice cream are sold in Boston at $2 per quart. In February, 3,000 quarts are sold at $2.50 a quart. This change in the price and quantity sold of ice cream may have been caused by:
a. a reduction in wages in the Boston area
b. the introduction of labor-saving, automated ice cream packing machinery.
c. the release of a medical study showing that ice cream consumption improves mental health.
d. the decision by Boston ice cream sellers to eliminate discount coupons.
c
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The key assumption underlying the theory of the firm is that:
A) firms are assumed to maximize sales revenue. B) managers are assumed to maximize the number of employees in their department. C) firms are assumed to maximize profits. D) none of the above
In the probit model Pr(Y = 1|X1, X2,..., Xk) = ?(?0 + ?1X1 + ?2X2 + ... + ?kXk),
A) the ?'s do not have a simple interpretation. B) the slopes tell you the effect of a unit increase in X on the probability of Y. C) ?0 cannot be negative since probabilities have to lie between 0 and 1. D) ?0 is the probability of observing Y when all X's are 0
Adam's Ribs in downtown Chicago buys $10,000 worth of beef ribs, $25,000 worth of pork ribs, and $8,000 worth of napkins each month. Are these purchases included in the calculation of gross domestic product?
What are the positive impacts of migration on migrants and the firms that hire them?
What will be an ideal response?