Every year, you and your friend disagree on who will win the Superbowl. Which source of information would have the BEST track record predicting the winners?

(Table: Joachim and Zane’s Opportunity Cost) The table provides data on how long it takes Joachim and Zane to clean the bathrooms and wash the windows at a home. Joachim’s opportunity cost for cleaning bathrooms is _____, and Zane’s opportunity cost for cleaning bathrooms is _____.   Hours it takes to: Clean the bathrooms Wash the windows Joachim 4 10 Zane 3 6                            

You are a strategist for Land Rover, a luxury brand of SUVs, and you’re determining which markets would be the most profitable for a new dealership location. Your colleague shares with you that graph D BEST represents a forecasted market demand curve. Do you recommend that Land Rover open a dealership at this location?  

Which is NOT a step used in identifying who has a comparative advantage in each task?

The price elasticity of demand for canned fruit is calculated as 0.75. Given this, demand is:

(Figure: Broccoli Market) Roberto and his family have grown broccoli on a small farm in California for generations. Western Pacific Produce, by contrast, is the largest broccoli grower in North America. The marginal cost curves of these two businesses are provided in the accompanying diagram. At a market price of $1.20 per pound, the efficient total output is 14,000 pounds. If the price falls to $0.80 per pound, the efficient total output is:

_____ determines the amount of economic surplus; _____ determines whether buyers or sellers get the surplus.

Tariq is a market researcher for Mattel, the toy company. From his research, he concludes (a) that at a price of $20.99, Mattel will sell 400,000 20-car Hot Wheel packs this year, (b) that sales at this level will be inadequate to meet Mattel’s revenue goals for this product, and (c) that a different pricing strategy would increase sales and lead to revenues that meet Mattel’s revenue target. (a) reflects _____ analysis; (b) reflects _____ analysis; and (c) reflects _____ analysis.

Demand for soft drinks outside an airport is more elastic than inside of the airport because:

The government imposes a “caffeine tax” on all caffeinated soft drinks to address the problem of caffeine addiction. Who is likely to carry most of the economic burden of the tax?