I want to know if I'm on the right path or not

this is a question to one of my homework assignments QUESTION: The firm currently uses 70 workers to produce 300 units of output per day. The daily wage (per worker) is $100, and the price of the firm's output is $30. The cost of other variable inputs is $500 per day. Although you don't know the firm's fixed cost, you know th ...continues

How would I create market demand curve and price elasticity graph

in ref to my previous question apples rises from $3 a pound to $3.45 and your consumption of apples drops from 30 apples a month to 21 apples basically which would represent the X axis and which would represent the Y axis or can a graph be created to chart

I am not 100% sure

I am not 100% sure what the answers are for the following multi-choice questions. If the supply of a good is relatively elastic, changing the price causes a. a relatively small change in the amounts that buyers are willing to buy. b. a relatively small change in the amounts sellers are willing to sell. ...continues

I am not 100% sure....

I am not 100% sure what the answers are for the following multi-choice questions. Internalizing an externality refers to making a. buyers and sellers take into account the external effects of their actions. b. certain that all market transaction benefits go to only buyers and sellers. c. certain gov ...continues

Please review and see if I have answered the questions (4) correctly

Use the following data to answer questions 1-3 (be sure to provide all calculations). *Please see attachment* 1. Calculate real GDP for 2004 and 2005 using 2004 prices. By what percent did real GDP grow? 2. Calculate the value of the price index for GDP for 2005 using 2004 as the base year. By what percent did prices i ...continues

Demand function vs. Demand curve

What is the difference between a demand function and a demand curve?

affects on the demand curve

How will each of the following affect the position of the demand curve for videocassette recorders (VCRs)? a. An increase in the price of VCR tapes. b. A decrease in the price of VCRs. c. An increase in per capita income. d. A decrease in the price of movie tickets.

demand for a product is inelastic

If the demand for a product is inelastic, what will happen to total revenue if price is increased? Explain.

short and long run effects

Suppose the price of heating oil increases significantly. Discuss the likely short-run and long-run effects.

Opportunity Costs, ETC

1. A person rents a house for which she pays the landlord $12,000 per year. The house can be purchased for $100,000 and the tenant has this much money in a bank aacount that pays 4% interest per year. Is buying the house a good deal for the tenant? Where does the opportunity cost enter the picture? Treat this question as a f ...continues