In a picturesque village, two restaurants share the market. At the moment, they get quite the same profit, 15.000 each. They have to consider spending20.000 on renovating the road to ease access. If the road is renovated, their profit will increase to $50.000 each (without taking into account any re
Consider an economy that produces only three types of goods and services: cars, bottles of wine, and haircuts. In the table below, you can find the price (in dollars) and production (in units) data for 2021 and 2022. Using nominal and real GDP calculations (with 2021 being the base year), choose the
A small retailer of hand-made furniture notices that when it lowers the price of its large eight-seater tables from pounds 3000 to pounds 2800, its daily sales increase from 5 to 6. The marginal revenue from the sale of the extra table is?
Christos, UTH, Greece Breaking Bad is a well known TV series (AMC, 2008 – 2013). A peaceful chemistry teacher diagnosed with inoperable lung cancer turns to (illegally) manufacturing and selling methamphetamine with a former student in order to secure his family's future. This is a dramatic change o
