A study showing that eating ranch salad dressing might be harmful to one’s health slightly reduces the demand for the product. However, a new bottling method greatly increases the production of this dressing. Considering this, the equilibrium quantity of this dressing would ______.
a. decrease
b. increase
c. remain constant
d. be indeterminate
b. increase
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If your income is $40,000 and you pay taxes of $4,650, what is your average tax rate? Show your work
What will be an ideal response?
In the short run, the lowest price that a perfectly competitive firm will accept without closing its doors is found by examining the average variable cost curve.
Answer the following statement true (T) or false (F)
Dr. X, an assistant professor at a large state university, is trying to decide how to allocate the 50 hours a week she spends working among the various activities expected of an assistant professor. The professor wants to maximize her raise next year and the table shows estimates of how time spent in each activity will contribute to her raise:
Given the above information, how should she allocate her time?
A. 20 hours research, 16 hours teaching, 14 hours service B. 18 hours research, 16 hours teaching, 16 hours service C. 20 hours research, 15 hours teaching, 15 hours service D. 17 hours research, 17 hours teaching, 16 hours service E. none of the above
The local baseball team owner hires you to help maximize the team's profits. Assume your task is to maximize revenues from ticket sales. Your advice to the owner should be to
A. Set the ticket price in the inelastic region of the demand curve in order to increase revenues. B. Set the price of tickets at the unitary elasticity price. C. Set the price as low as possible to make sure the stadium is always full. D. Raise the price as high as possible until the number of tickets sold begins to fall.