On the first day of school, the school store had 100 pencils for sale at $1 each. at the end of the week, there were 90 pencils left. the second week, the price of pencils dropped to $.75 each. at the end of the week, there were 75 pencils left. the store dropped the price $.25 each week, and at the end of the fourth week, there were no pencils left. which price was the market clearing price?
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The owner of firewood to go is considering buying a hydraulic wood splitter which sells for $50,000. he figures it will cost an additional $100 per cord to purchase and split wood with this machine, while he can sell each cord of split wood for $125. if, for this machine, design capacity is 50 cords per day, effective capacity is 40 cords per day, and actual output is expected to be 32 cords per day, what would be its efficiency?
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Why does the downward-sloping production possibilities curve imply that factors of production are scarce?
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On the first day of school, the school store had 100 pencils for sale at $1 each. at the end of the...
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