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Adam Smith rejected utility as a foundation for value. He illustrates this rejection in his famous diamonds and water paradox. Briefly explain how the cognitive switch from total utility to marginal utility resolves this paradox.
What is the resulting deadweight loss relative to the competitive outcome. Compute the Lerner Index for the monopoly described in the question above.
Assume that equilibrium real GDP is 800 billion, potential gdp is 900 billion, the mpc is .80, and the mpi is .40 . What is the size of the GDP gap.
Describe the slope of the isocost and isoquant curves, and hence derive a relationship between the productivity of capital and the productivity of labour.
To explore the implications of this view, suppose that an economy consumes all wage income and saves all capital income. Show that if the factors of production earn their marginal product, this economy reaches the Golden Rule level of capital.
It is assumed that quantity of item is intended of other items find out probability that first faulty item doesnot occur in the first six selected items.
Alchemy allows the other firms to sell as much as they wish at the established price and supplies the remainder of the demand itself.
explain why airlines might be more likely to match price cuts than price increases. (b) Which theory of oligopolistic behavior does the above situation most resemble?
Find U.S. civilian employment date for the last 10 years. How many more workers were there at the end of the last 10 years than at the beginning. Elucidate how did this impact the nation's production possibilities curve.
Why do monopolistic competitors have a tendency to advertise much more than perfectly competitive firms?
For proportional tax system presented in table 7, illustrate what are average tax rates for people earning $50,000, $100,000 and $200,000. Illustrate what are corresponding average tax rates in regressive and progressive tax systems.
One point made is that most demand curves are downward sloping. Can you think of any situation where an individual's demand curve for a product is upward sloping.
A major Statistics Canada household survey, the Survey of Labour and Income Dynamics or SLID, the latest of which is referred to as SLID 2009.
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