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Q. Consider two goods that are perfect complements. For instance, car frames and tires. An individual likes owning cars is better. In order to own a car, an individual must have a 1:4 ratio of frames to tires. Any spare frames or tires that are outside this ratio do not benefit in any way. The personage is comparing bundles that contain both car frames and tires. Thus, we are comparing 2-good bundles. For instance (2.5 frames, 2 tires). Explain how many of the following properties do the individual's preferences necessarily display? Please note that fractional cars can exist (for instance, 1.5 frames and 6 tires are equivalent to 1.5 cars).
• Monotonicity
• Local-nonsatiation
• Transitivity
• Completeness
• Symmetry
President Bill Clinton assigned his wife the task of developing a national health insurance plan to increase the availability of medical care for the poor. Explain how would one determine the opportunity cost of the proposal.
How would social class differences influence product lines and styles, advertising media selection, and the copy and communication style used in ads and payment methods.
illustrate what type of unemployment will then occur. What is the natural rate of unemployment.
Given this risk, how should the column player act. Anticipating the column player's thinking, how should the row player act.
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q1. connie and stephen must decide how to split a pie. suppose both of them simultaneously formulate demands x and y.
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q. define the values for following parametersa1b2c10graph f and g as a function of d over the interval 010.when you try
Assume a machine which has a useful life of only one year costs $2000. Assume, also, that net of such operating costs as power, taxes and so forth, additional revenue from output of this machine is expected to be $2300. What is rate of return on ..
Suppose a wage increase from $25 to $27 an hour increases the number of job applicants from 52 to 66. Illustrate what is the price elasticity of labor supply.
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