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Suppose that there are only two goods, books and coffee. Wally gets utility from both books and coffee, but his indifference curves between them are concave rather than convex to the origin. Draw his indifference curves to help you answer the following question: What do these particular indifference curves tell you about Wally's marginal rate of substitution between books and coffee?
Wally's MRSBC increases as he consumes more books.
Wally's MRSBC decreases as he consumes more books.
Wally's MRSBC increases as he consumes more coffee.
Wally's MRSBC is constant as he consumes more books.
Assume an economy with a total population equal to 1. Individuals can only be employed or unemployed. Suppose this economy’s steady-state unemployment rate is 5%. We know that workers can lose their jobs and become unemployed with probability 4%. Wha..
If the marginal profit is negative for the sale of a certain number of units of a product, is the company that is marketing the item losing money on the sale? Explain.
A monopolist operates in an industry where the demand curve is given by Q=1000-2p. The monopolist's constant marginal cost is 8 dollars. What is the monopolist's profit maximizing price? How much does the monopolist produce? What are its profits?
Does consumer surplus increase due to this price ceiling. Does social welfare increase as a result of the price ceiling.
consulting project estimation and analysis of demand for fast food meals using the data in table 1 specify a linear
For each of the following statements, answer “agree” or “disagree,” and provide justification. “Omitting a relevant variable from a regression model generally causes bias in the OLS estimators.”
Describe the contents of the article very briefly and include a critique could agree, disagree or both agree and disagree with the article.
Given the difficulties which the regulation of public utilities faces that would it not is better to nationalize public utilities as several European countries have done.
Consider the following facts. After the age of 25, persons with college degrees earn more than persons with no education beyond their high school degrees, ceteris paribus. Moreover, persons with high school degrees earn the same as persons who have h..
Show how the IS curve and the LM curve can be shifted to get an increase in output without a change in interest rates. What kind of mix of monetary and fiscal policy is needed to do this? Will a reduction in interest rates, while holding output const..
Municipal bonds, or munis, The Efficient Market Hypothesis argues that. Which of the following is true regarding the trade offs associated with money? The Efficient Market Hypothesis argues that.
The distribution of annual net cash flows is approximately normal. Determine the probablity that the annual net cash flows will be negative. Discuss the probability that the annual net cash flows will be less than $20,000
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