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Q. 1. What is the difference between marginal and total utility?
2. Can marginal utility be negative? Provide an example using your original thoughts and words.
3. Why is it not sufficient to just compare the marginal utility of two goods when maximizing utility?
4. Explain the income and substitution effects and use the concepts to describe what happens when the price of a product decreases.
5. Why would an ounce of gold be priced higher than an ounce of coffee beans though coffee is generally considered more essential than gold? Explain the paradox in terms of marginal and total utility.
Using a wholesale price of $4 per case in each state, calculate the breakeven output quantities for each alternative.
Assume that the firms form a cartel to maximize total industry profits. Determine the optimum output as well as selling cost for each firm.
Compare social welfare under the bribe with social welfare in the case where the police officer always abides by the law.
Consumers buy from the lowest price firm, and the highest price firm sells nothing. If the firms pick the same price, they split the market demand equally.
Using the calculations from part a, and the methods described in class, calculate a 99% confidence interval for the population mean forecast, where the population 3 would consist of all economists.
Fred's Fashion Accessories of New Jersey produces jewelry for sale in Boston and New York subject.
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
Suppose that on January 1, the price of one hundred yen was $0.80 and PPP held. Over the year, the Japanese inflation rate was 5 percent and the U.S. inflation rate was 10 percent.
Calculate the price elasticity of demand for Newton's Donuts
By what percentage do the total assets decline by bank. By what percentage does the bank's capital decline. Illustrate which change is larger.
Given the demand and cost conditions, what price, output and profits result in the short run? What will happen as the firm moves from the short to the long run
Describe a skimming price and a penetration price, and advise them whether they should charge a skimming price or a penetration price, with supportive reasoning for and against each pricing alternative.
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