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Suppose the consumption of gold o¤ers people a marginal utility that diminishes as that person consumes more gold. Assume also that gold can be mined in unlimited amounts at the constant marginal cost, , units of the non-gold consumption good.
a. Can the trading value of gold exceed in equilibrium? Explain. What is the e¤ect on gold consumption and mining of an increased use of gold as money?
b. Suppose instead that the marginal mining cost increases with the amount mined. Illustrate what is now the e¤ect on gold consumption and mining of an increased use of gold as money?
Suppose nominal GDP in 1999 was $100 billion also in 2001 it was $260 billion. Illustrate what is the own-price elasticity of demand.
Demand curve is d1, what will be the change in her revenue. If her demand curve is d2 what will be the change in her revenue.
Using appropriate diagrams and notations,carefully explain the relationship b/n elasticity, total revenue and marginal revenue. 2,discuss the uses of elasticity of demand.
Results of drilling are 15 dry holes, 12 gas producers, 18 oil wells, and 20 wells producing both oil and gas.
If the market price of the product is 270, how much output should the firm produce in order to maximize profit. How much profit will this firm make.
The market demand and supply function for VCR movie rentals are: QD= 10 - 0.04p and QS 3.8P = 4. Calculate the equilibrium quantity and price.
Elucidate an example of a microeconomic and macroeconomic phenomenon. Would you give an example of a microeconomic decision you have made at home or work.
The market demand also supply functions for a raw chocolate are estimated.
What kinds of people are most likely to have their utility reduced by such a law. Why do you think that the government requires such insurance.
Illustrate what might you call an outward shift of a nation's production possibilities frontier.
What happens to the demand for Sara's sweatshirts in long run. In long run, what happens to Sara's economic profit.
They are all highly populated areas with target markets suitable for your products. One factor is which there several formidable competitors in all of the areas
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