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In a perfectly competitive market, some people have a positive marginal rate of time preference (MRTP), and others have a negative MRTP. Define MRTP (positive and negative) and explain how the utility maximizing MRTP will be determined in this perfectly competitive market.
You are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs. What would you do--shut down or continue to operate.
Discuss the problem with the approach to sampling taken by Gallup - What are the biases that this poll is subject to - what is the probability that the sample {A,B,C} will be selected?
Describe the relationship between unemployment and real and nominal wages. Which is more important and why What effects would either an increase or decrease in unemployment have on wages
Microsoft's Window 8 software product is considered the standard operating software worldwide for pc's. Thus, Microsoft can be thought as a type of: (a). Duopoly (b) monopoly (c) utility (d) free good.
Y is a normal good
In a short run condition in which quantity demanded equals quantity supplied in a competitive industry, with value greater than the average cost of the typical company,
Suppose there are two technologies for producing steel. Under technology A, a firm's short-run total cost function is STCa(q)=1/2q^2+100q+10 with SMCa(q)=q+100, and using technology B it is STCb(q)=2q^2+6 with SMCb(q)= 4..
What are the processes of consolidation and Amalgamation and why do we have to consolidate? Accounting is not there in the selection list.
The utility function is U = U (X, Y) If the 2nd derivative for both x and y is greater then 0, does that mean the indifference curves are both convex? Explain why or why not.
Consider a long-term debt you currently own (e.g., a mortgage or student loan) and discuss how you would take present value into account when deciding whether you should retire that debt ahead of schedule. Explain your rationale.
Consider the problem of regulating acid rain in the eastern US. Assume emissions are generated in the Midwest and the Northeast but acid rain damage only occurs in the Northeast. One million tons of emissions in the Midwest results in 1 microgra..
Draw the Circular Flow Model of a simple economy with the roles of firms, Households, Government and a foreign sector. In addition, identify the factor and product markets in this economy. Identify in the diagram the flows for all injections and leak..
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