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Suppose MU1 (2,3) = 7 ; I'm having a really hard time unsrestanding this for some reason, how would one more of good one make seven? Is it that one unit of good one is worth 2 utils and one unit of good two is worth 3 utils so that if you added one more unit of good one it would be 2+2+3=7? I keep seeing it explained as "if you are consuming 2 units of good one and 3 units of good two, then 1 additional unit of good one will increase my utility by 7 utils" but wouldent that be 5? I just can't quite grasp what the reasoning and math is behind this answer, do I need to take a derivitive of something?
Suppose you are a monopolist operating two plants at different locations. Both plants produce the same product; Q1 is the quantity produced at plant 1, and Q2 is the quantity produced at plant 2. What are your marginal revenue and marginal cost funct..
Gordon also works 5 hours a week for the economics department to maintain that departments web page. Illustrate the economics department pays gordon $20 per hour.
a. if gdp 500 consumption c 350 transfers minus taxes tr - ta 20 investment i 150 and the budget deficit bd 120
Assume a market with a monopolistically competitive structure (differentiated products, free entry and exit). Also assume that each firm has a total cost function of TC(qi) = 150+ ½ qi 2 for i?{1,2, …, n} (i.e. symmetric cost function). What is the p..
Grandpa would like to deposit some money now for his grandson to have available to beginning withdrawing $25,000 per year for four years, starting 5 year from now. If the money earns 6% interest per year, the amount that Grandpa must deposit is close..
find marginal cost of last unit produced. What is firms percentage mark-up of price over marginal cost.
Why should the government intervene in situations of market failure? Should the government intervene if a market is fully efficient, why? What additional rationals are present if there is inadequacy in the market?
Consider a local golf course that prices using a two-part tariff by charging a price for membership and then charging per round of golf played. Individual demand for rounds of golf is given along with the corresponding marginal revenue curve.
Graphically reflect the impact of changes in the non-income determinants of consumption spending on the consumption function.
You see an advertisement for a book which claims to show how you can make $1,000,000 in investment profits in a year, with no initial investment required and no risk of any loss. The book costs $500. Would you buy it? Why or why not?
First define moral hazard and provide a specific example. Then, discuss what you believe should be the government's role pertaining to this subject.
How will the money supply be affected by this transaction ? what is the ultimate change in deposits, loans, and reserves in the banking system? Explain in detail.
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