Which items represent examples of Adam Smith's "invisible hand" at work? Correct Answer(s) Drag appropriate answer(s) here A tailor who makes suits for clients by hand buys his own suits off the rack. + A gas station owner closes on certain days of the year, for religious reasons. Incorrect Answer(s) An auto manufacturer uses imported leather for the seats in its vehicles. A cafe owner discards expired food, to avoid a fine from the health department. Drag appropriate answer(s) here

Which items represent examples of Adam Smith's "invisible hand" at work? Correct Answer(s) Drag appropriate answer(s) here A tailor who makes suits for clients by hand buys his own suits off the rack. + A gas station owner closes on certain days of the year, for religious reasons. Incorrect Answer(s) An auto manufacturer uses imported leather for the seats in its vehicles. A cafe owner discards expired food, to avoid a fine from the health department. Drag appropriate answer(s) here

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose a project needs to hire 50 electricians. At the initial wage of 60K/year (including benefits) 480 are currently employed in the local area and 20 are estimated to be unemployed. The MEBT (marginal excess tax burden ) is 0.2. After electricians are hired for the project, the local wage increases to 65K/year and the number employed locally increases to 510. 1)Estimate the opportunity cost of hiring the workers.
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Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Case 1: A local bakery has noticed a decrease in the demand for their pastries. They found out that a new bakery in town is offering similar pastries at a lower price. What should the local bakery do based on demand analysis? Case 2: A clothing store wants to estimate the demand for a new line of summer dresses. They have historical sales data for similar dresses. What method should they use for demand estimation? Case 3: A tech company is launching a new product. They want to forecast the demand for the product for the next year. They don't have historical sales data for similar products. What method should they use for demand forecasting? Case 4: A manufacturing company is trying to determine the cost of producing a new product. They know that the cost of raw materials and labor will increase with the number of units produced, but the cost of the machinery will remain the same regardless of the number of units produced. How should they categorize these costs in their cost analysis?…
Student Enterprises sells two sizes of wall posters, a large 3- by 4-foot poster and a smaller 2- by 3-foot poster. The profit earned from the sale of each large poster is $3; each smaller poster earns $2. The firm, although profitable, is not large; it consists of one art student, Jan Meising, at the University of Kentucky. Because of her classroom schedule, Jan has the following weekly constraints: (1) up to three large posters can be sold, (2) up to five smaller posters can be sold, and (3) up to 10 hours can be spent on posters during the week, with each large poster requiring 2 hours of work and each smaller one taking 1 hour. With the semester almost over, Jan plans on taking a 3-month summer vacation to England and doesn’t want to leave any unfinished posters behind. Find the integer solution that will maximize her profit.
You are helping a friend that owns a local store. Their costs are per unit, so the only way they can maximize profits are by increasing revenue. Therefore, you would like to help identify the price that will maximize revenues. Below is data from a previous period. Complete the chart. (For the TR Test, consider that prices are increasing
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the graph shows the demand curve for curcus tickets the average total cost curve and the marginal cost curve??? :(( Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Please calculate the total cost of providing a 50% subsidy on purchases of fruit and vegetables at farmers markets by SNAP participants. Assume that you are estimating it for the state of Connecticut with 350,000 SNAP participants. The season for farmers markets and the use of subsidies is 5 months (May-September); subsidies can only be used during this period. Based on prior studies, you know that a typical SNAP participant that attends farmers markets will purchase on average 3 lb of fruit and 2 lb of vegetables per month. Average price for vegetables is $1.5 per lb and the price elasticity of demand for vegetables among SNAP participants is -0.6. Similarly, fruit cost on average $2.5 per lb and the demand elasticity for fruit is -0.8. How much should the state of Connecticut expect to pay in total subsidies each season if only 20% of SNAP participants will attend farmers markets?
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Verdana BIUA |= = ==|=|=、m、同 1. 2. 14 1 7 Energy drinks have been causing death. To discourage the energy drinks market, lawmakers, including Senator Miller (D-CA), have called for an aggressive tax on energy drinks. The Miller Bill would place a two dollar tax on energy drink tall cans (that on average cost $2.50) in all American markets. Other members of Congress led by Senator Cruz (R-TX), however, believed that tax to be too high, so the Miller Bill was amended to decrease the size of the tax to just one dollar. 1. Draw a graph with demand curve, supply curve, equilibrium price and quantity, tax price, tax incidence, tax revenue, and deadweight loss. Sen. Cruz claims that this smaller tax still accomplishes the goal of destroying the market for energy drinks, while Sen. Miller vehemently disagrees, stating that energy drinks will still be consumed, but to a lesser extent. Which senator is correct, and how can you tell from the graph? I 1:22 9,
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