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If consumers are rational, they will attempt to equate the "bang for the buck" of various items that contribute to their satisfaction within the constraints of some budget. That is, they will seek to...
maximize their marginal utility
Equate the ration of ( price / marginal utility ) for each item in their budget.
equate the ratios of (total utility / price ) for each item in their budget
maximize their total utility
Illustrate the total price of production (including the cost due to environmental damage) at the unregulated equilibrium quantity of 400.
explain how and why a monopolist would try to price-discriminate: Providing air travel for business people and tourists; A fast-food restaurant that serves business people and retired people
When a perfectly competitive firm is producing at its profit maximizing level of output, its MR is equal to price and its MC while it may or may not be making an economic profit. The price a profit maximizing monopoly charges is always greater than i..
Illustrate what kind of gap-inflationary or recessionary-will the economy face after the shock, and what type of fiscal policies, giving specific examples, would help move the economy back to potential output.
Aramco Inc operates in a competitive market with the cost function as follows: TC = 100 + q3 – 12q2 + 60q. If the price per unit is $ 20, find equilibrium level of output. Determine the shutdown quantity of this firm.
According to classical macroeconomic theory, changes in the money supply affect. When the Fed buys government bonds, The “yardstick” people use to post prices and record debts is called. According to the classical dichotomy, which of the following is..
The following figure plots the average farm prices of potatoes in the United States for the years 1989 to 1998 versus the annual per capita consumption. Each point represents the price and quantity data for a given year. Explain whether simply drawin..
Identify what type of unemployment each of the individuals below is facing by dragging and dropping the appropriate term into the bins provided. Use "structural unemployment’s, cyclical unemployment, and frictional unemployment." 2 are cyclical, 1 is..
The labor supply function is given by N=1000+12w and labor demand is N=2000-8w. Find the equilibrium level of employment and wage. Given existing technology and the capital stock, output is given by the function Y=100N. Does the function exhibit dimi..
You now know everything you need to know to be an informed critic of the Affordable Care Act. Based on all that you have learned, how does the Act measure up to our three goals of 1) increasing quality of care, 2) increasing access to care and 3) kee..
What are the three tools involved with balance of payment details? What are some of the impact the Federal Reserve actions have? What are the types of tariffs?
Which of the following statements about U.S. international trade is correct? a) Services account for about 25 percent of our exports to the rest of the world. b) About 50 percent of our imports and exports are goods and 50 percent are services. c) Mo..
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