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How do you determine how a consumer divides their resources between two goods? According to the theory of consumer choice how do you evaluate how you decide whether to save or spend money or even if you might have to work more in order to pay for items based on a budget constraint?
What common assumptions guide the Thucydides and Procopius readings regarding how a historian should chronicle a plague? What different assumptions do they possess about both human behavior and the role divine forces play in human history? How do bot..
Suppose a firm’s production function is given by the following equation: Q = min(5K, 10L). If the firm is using 4 units of capital and 3 units of labor, how much output are they producing? Is this firm operating efficiently?
Critics suggest that rational behaviour can't be true because: 1) people make mistakes, 2) people make decisions by habit, and 3) people often take into account the interests of others. Why don't these issues invalidate the assumption of rational beh..
Low switching costs and the availability of many subs+tutes for Tropicana Orange Juice indicates what in a Porters analysis? a. Power of buyers is high b. Power of suppliers is high c. Power of suppliers is low d. Power of buyers is low
Figure 1 above shows a consumer's budget constraint for buying apples and oranges, as well as the indifference curve passing through the utility-maximizing bundle A.
Technology is viewed by economists as a source of comparative advantage but technological advantage is often transitory. Use the Product Life Cycle (PLC) Theory to explain the role of technological innovation as a key determinant of the trade pattern..
Bobby is the only man standing next to exactly one handsome man. 4. Clinton is the only man not standing next to exactly one scarred man. Who is fair, handsome and unscarred?
In 1-2 pages, explain the law of diminishing marginal utility and give an example of an opportunity cost you pay personally and another example of an opportunity cost you believe the economy pays because of large military expenditures.
Illustrate what problem is posed by any comparison over time of market values of various total outputs. How is this problem resolved.
During the month, there are 26 workdays. The company has 15 workers.
Incentive plans mean that:
The developing country uses the $100 bank balance to import $100 worth of food from the United States (US).
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