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1. Explain whether the following statements are true or false.
a. The marginal rate of substitution diminishes as an individual moves downward along the demand curve.
b. The level of utility increases as an individual moves downward along the demand curve.
c. Engel curves always slope upwards.
2. Tickets to a rock concert sell for $10. But at that price, the demand is substantially greater than the available number of tickets. Is the value or marginal benefit of an additional ticket greater than, less than, or equal to $10? How might you determine that value?
3. Which of the following combinations of goods are complements and which are substitutes? Could they be either in different circumstances? Discuss.
Which one of the following events could not have caused a shift from isoprofit line 1 to line 2? a. The employers share of the payroll tax rate has increased and the limits expanded. b. Firms structured fringe benefits so as to increase worker produc..
in the system of approval voting each voter may vote for as many candidates as she wishes. if there are three
A representative company with long-run total cost given by TC = 2,000 + 20q + 5q2 operates in a competitive industry where market demand is given by QD = 10,000 - 40P.
Large-denomination time deposits: $ 304 billion Currency and coin held by nonbanking public: 438 billion
economic growththe government uses policies like student loans and free trade to influence the economys growth rate. in
Classify each of the following as either an operating target or an intermediate target, and explain why.
the law of demand states that the demand for a product is inversely related to the price of such product. therefore the
ANOVA allows us to determine whether variables are related. Regression analysis allows us to investigate the nature of the relationship between two (or more) variables. How are these methods alike and how are they different
Assume that a employee's skills can be summarized by the number of efficiency units she owns and the distribution of efficiency units in the population
According to your estimate, elucidate what happens to the Transit Authorityas revenue when the fare increases.
Find a relevant article from newspapers, magazines, etc. that is related to at least one of the Macroeconomic topics we have covered this semester. Summarize the article and comment on how the article is related to what (topics) you have learned in..
Someone advocates using fiscal policy to stimulate the economy and reduce unemployment.might this person advocate to implement the fiscal policy. increase federal spending, reduce tax rates or else.
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