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Q. Calculate Max's marginal utility from windsurfing at each number of hours per day. Does Max's marginal utility from windsurfing obey the principle of diminishing marginal utility?
Calculate Max's marginal utility from snorkeling at each number of hours per day. Does Max's marginal utility from snorkeling obey the principle of diminishing marginal utility?
Which does Max enjoy more: his 6th hour of windsurfing or his 6th hour of snorkeling?
a) Banks only accept coins for deposit if they are rolled inspecified amounts. Pennies, for example, are to be in rolls of 50. A Canadian bank has checked the 200 rolls of pennies they have on hand. Only 12 of the rolls contained all Canadian pennies: the rest all had at least one American penny. Altogetherin 200 rolls, about how many American pennies are there?
b) What is the median number of American pennies in a roll?
The market demand curve is given by P = 100 - 4Q. Also, each firm has constant marginal cost equal to 28. There are no fixed costs. How much output will each firm produce in the Cournot equilibrium?
Amacon is a bicycle manufacturer that produces approximately 5,000 bikes each month. In order to meet that demand, Amacon needs 10,000 rubber tires at its assembly plant on the last Thursday of each month. Please explain the answers to the followi..
When, if ever, is it acceptable for one state or groups of states to interfere in the domestic affairs of another state
If collusion is not allowed, what kind of market arrangement do you think is likely to result from competitive interactions among these four firms?
Suppose a monopoly can produce any level of output it wishes at a constant marginal (and average) cost of $5 per unit. Assume the monopoly sells its goods in two different markets separated by some distance. The demand curve in the first market is..
Illustrate what does this mean for the survival of small firms in the industry.
Specify the set of mutually beneficial allocations relative to the initial endowment and illustrate the set.
Dane decides to give up a job earning $100,000 every year as a corporate lawyer also converts the duplex that he owns into a UFO museum had been renting the duplex for $20,000 a year.
Hypothesize the basic short-run also long-run behaviors of the model in the industry you have chosen in a "marketplace economy."
In a typical day the store sells some of each type of cola, which suggests that Major League Baseball has adopted FOA because it fears that regular binding arbitration is addictive.
You are the owner of a family-owned restaurant. You do not pay yourself a salary or an hourly wage. How and why does this practice affect the economic cost of serving your patrons?
Why does Michael Porter admonish companies will not change his competitive positioning any more regularly than once every four or five years.
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