Non word Assignment Example | Topics and Well Written Essays - 250 words

Non word - Assignment Example She spent $5,000 to purchase her steno machine, $2,000 on a new computer, and $500 on miscellaneous office supplies. She financed these purchases by withdrawing $7,500 from her personal savings account. When she closed the account, the bank representative mentioned that she would have earned 4% interest next year. If Bev hadn’t opened her own business, she would have earned a salary of $25,000. In her first year, Bev’s revenues were $30,000. Which of the following statements is correct? _B___ 22. Studies indicate that the price elasticity of demand for cigarettes is about 0.4. A government policy aimed at reducing smoking changed the price of a pack of cigarettes from $2 to $6. According to the midpoint method, the government policy should have reduced smoking by 2. A firm hires two workers and rents 15 acres of land for a season. It produces 150,000 bushels of crop. If it had doubled its land and labor, production would have been 325000 bushels. Does it have constant, decreasing, or increasing returns to scale? It has an increasing returns to scale. This is because the marginal returns were 175000 bushels produced when the labor and land were increased. The double production inputs should have at least resulted to a double output which was the case. In fact, the number was more than 300,000 bushels which would have been the expected