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Microsoft Word - Review Questions Quiz 1.docx
Manning only consumes goods X and Y. His marginal utility from consuming good X is 4, and his marginal utility from consuming good Y is 5. If the price of X is $6, the price of Y is $8, and Manning's income is $48, how much of good X will he purchase?
how many workers should Ms. Smith hire? (Ms. Smith should hire workers as long as their marginal revenue product (MRP) exceeds their marginal resource cost
explain how the market system provides a strong incentive for technological advance and creative destruction. within
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People sometimes argue that imports should be limited by government policy. Suppose a government quota on the quantity of imports causes net exports to rise. Using the circular flow diagram as a guide, explain why total expenditures and national o..
Draw the pre-intervention optimized supply and demand equilibrium. Explain and show what effect it has on the polis.
identify an article that demonstrates the application of time value of money principles to a business decision.explain
Price discrimination occurs when a.the supply of the product is elastic b.a product's average cost is greater than its average revenue c.a product's average cost is less than its average revenue d.differences in a product's price reflect differences ..
a van conversion company has fixed capital and labor expenses of 1.2 million per year and variable expenses averaging
What are three ways the federal government can pay for an increase in government spending? What do you think is the best way to pay and why? What is the definition of the federal deficit? What is the difference between the federal deficit and the fed..
Identify who has the absolute advantage in painting rooms? Who has the absolute advantage in installing windows? Briefly explain how you derived your answer.
Explain why are prices usually higher for goods or services in London as opposed to Newcastle, or New York as opposed to San Fran?
economists use elasticity to measure consumer responsiveness to changes in the various determinants associated with
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