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What is the relationship between the law of diminishing marginal benefits and the law of demand? Explain the law of suply and the firms marginal cost structure? In your analysis please explain the concepts of changes in price and its impact on changes in quantity demanded/% change in price.
Identify what FIDO stands for and how 3M puts FIDO into practice. Assess whether FIDO’s approach could work for other companies or if it is unique to 3M and the products they produce. Write three pages on whether 3M’s specific practice of hiring loca..
Conduct some independent research on Bitcoin. Identify possible predictors for the daily value (in US Dollars) of Bitcoins. Make sure that the predictors are measurable, with readily obtainable daily data. Discuss possible immeasurable predictors or ..
According to a study, the price elasticity of jewelry is 1.2 and its income elasticity is 1.5 in the U.S. a. Would you suggest that Patton’s Jewelry Company cut its prices to increase its revenue? b. What would be expected to happen to the total quan..
Design a program that asks the user for a series of names (in no particular order). After the final person's name has been entered, the program should display the name that is first alphabetically and the name that is last alphabetically.
q1. why does the saying no taxation without representation make sense for public goods but not for private goods?
What can be said about the benefits and problems of each dimension (economic, cultural, political and environmental) of globalization? Is globalization a positive force overall? Why or why not?
In certain industries, firms buy their most important inputs in markets that are close to perfectly competitive and sell their output in imperfectly competitive markets. Cite as many examples as you can of these types of businesses.
In 2008, the price of crude oil (per barrel) set an all-time record of approximately $147 and then sank to near $40 by the end of the year. Since crude oil is a resource that is used in many industries, how would these changes in price impact of 3..
Jen, Eric, and Kurt are all buyers of chain saws. Jen’s demand function is DJ (p) = 520 − 13p, Eric’s demand function is DE(p) = 40 − p, and Kurt’s demand function is DK(p) = 200 − 5p. Together, these three constitute the entire demand for chain saws..
Consider a two-period economy with a single commodity (say leisure): x_1 is the consumption of leisure in period 1, and X_2 is the consumption of leisure in period 2. When Peter evaluates consumption streams, he cares only about the best time in his ..
Define marginal utility. Explain the law of diminishing marginal utility. Why is marginal utility more useful than total utility in consumer decision making?
Explain with a graph and a verbal explanation how a ticket price ceiling placed on a monopoly sports franchise (that does not sell out its games) may actually lower ticket prices and raise attendance. Assume that marginal costs are fixed.
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