The long-run aggregate supply curve is vertical because the economy’s potential output is determined

Horace society is planning its annual western fair raceway gala. the gala committee has assembled the following expected costs for the event: dinner (per person) $10 gaming token and program (per person) $2 prize payouts $4,300 tickets and advertising $800 private box suite rental $1,700 lottery licenses $200 the committee members would like to charge $40 per person for the evening’s activities. required: 1. what is the break-even point for the dinner-dance (in terms of the number of persons who must attend)? 2. assume that last year only 200 persons attended the dinner-dance. if the same number attend this year, what price per ticket must be charged in order to break even? 3. refer to the original data ($40 ticket price per person). prepare a cvp graph for the dinner- dance from zero tickets up to 600 tickets sold.

If a society decides to produce consumer goods from its available resources, it is answering the economic question

Governments sometimes erect barriers to trade other than tariffs and quotas. which of the following is not an example of this type of trade barrier? a. a requirement that the employees of domestic firms that engage in foreign trade pay income taxes b. restrictions on imports for national security reasons c. a requirement that imports meet health and safety requirements d. a requirement that the u. s. government buy military uniforms only from u. s. manufacturers