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1. (a) Describe in words how a corner solution to the consumer's utility maximization problem differs from a conventional solution. Illustrate this description with an appropriate indifference curve diagram. (b) Thinking of your own consumption over the past month, provide one example where your own consumption choices were in the nature of a corner solution. 2 (a) What does addiction mean in terms of indifference curves? Explain in words and with an appropriate diagram. (b) What is the consequence for a person's pattern of consumption choices if he is addicted to one or more commodities? (c) How would you expect people's consumptionof fish to vary if they have different incomes but they all have the same quasi-linear preferencesfor fish? 3(a) Provide a definition of loss aversion in words, and illustrate this with an appropriateindifference curve diagram. (b) Give two examples of behavior that would exemplify lossaversion. 4. Explain briefly the conceptual difference between choice based on maximization of a singleobjective versus choice based onmaximization of multiple objectives. 3(a) Provide a definition of loss aversion in words, and illustrate this with an appropriateindifference curve diagram. (b) Give two examples of behavior that would exemplify lossaversion. 4. Explain briefly the conceptual difference between choice based on maximization of a single objective versus choice based on maximization of multiple objectives.
What is the explanation that has stood the test of time and analysis as the major cause of the Great Depression? a. The collapse of the U.S. banking system and contraction of the money supply was the major cause of the Great Depression. b. The stock..
Explain why a monopolist will never produce a quantity at which the demand curve is inelastic - hint - if demand is inelastic and the firm raises its price, what happens to total revenue and total costs
The U.S. Entergy Information Agency supplies current and historical data for world crude oil prices. Look both at current and historical data on world crude oil prices. Over the last six months, do you think the price of crude oil has produced an ..
Private and Public Goods) Distinguish among private goods, natural monopolies, open-access goods, and public goods. Provide examples of each. a. What is the external cost per unit of production
Assume that an economy producing two products, skateboards and in-line skates, is initially in equilibrium, and that skateboards and in-line skates are substitutes. If consumer preferences shift away from skateboards and toward in-line skates, which ..
Why do public goods demonstrate the limitations of a free market economy. they allow consumers to make all of the economic decisions or else.
What is an "oligopoly" and why do they exist? Mention three or four oligopolies whose products you own or regularly purchase.
1. Why is the production of a combination of goods that is located inside the production possibilities curve considered to be inefficient 2. How can there be gains from trade even when total of production goods and service doesn't change 3. Why does..
what is the primary requirement for a market to be competitive is competition necessary for markets to work well why or why not how does competition influence the following: (a) the cost efficiency of producer, (b) the quality of products, and (c)..
An industry with twenty companies but the CR = 80 percent is called "high concentration", for a concentration ratio of 80 to 100% is viewed as high concentration.
Analyze the proposals for reform in the current K-12 system and determine which single proposal would be the most likely to succeed. Explain your rationale. evaluate the effectiveness of No Child Left Behind.
Draw a supply-demand diagram of the kenyan mangoes market to illustrate both the autarky and free trade positions. make sure you use all the information presented in the some facts above?
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