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1) Which slope is greater when there is a corner solution? Slope of the indifference curve or slop of the budget constraint? Explain.
2) Suppose a teenager is interested in buying a car that has a very good look. Draw the indifference curve for safety and look for this car, placing appearance on the horizontal axis.
Suppose that a firm’s long-run average total costs of producing an individual income tax return is $75 when it produces 1,000 returns and $75 when it produces 1,200 returns. For this range of output, the firm is experiencing
A fleet manager must choose between two trucks to purchase for a company's fleet. The company will keep either truck for 4 years. Truck A costs $29,000 and has a market value of $16,000 after 4 years. Truck B costs $33,000 and has a market value of $..
What role does microeconomics play in business decisions compared to macroeconomics. Can you assit me with a real life example that would show the impact on the decision making process of the business.
What is the standard deviation for the class? b. What percentile did you score in?
Suppose the world price of lumber is above the Canadian price of lumber. What would be the impacts of free trade in lumber between Canada and the rest of the world? Use a diagram to show the impact on: Canadian price; Canadian consumption; Canadian p..
If firms to act socially responsibly and consider the social marginal cost, what is the equilibrium price and quantity. How do the equilibrium prices and quantities in the two scenarios compare with each other? What is the economic intuition behind s..
What market structure would this industry fall under? What are the names of other firms in this industry? Is it monopolistic competition, oligopoly, monopoly, or perfect competition?
Suppose that society decided to reduce consumption and increase investment. How would this change affect economic growth? What groups in society would benefit from this change?
Let the consumer begin in utility maximizing equilibrium at point A on indifference curve I. Next the price of good X changes so that the consumer moves to a new utility-maximizing equilibrium at point B on indifference curve II. Write the linear de..
Answer the same questions as in the previous problem if TC = .5m + 10Q. In which problem are economies of scale more important? Explain how this affects your outsourcing decision.
The current price for a good is $20, and 90 units are demanded at that price. The price elasticity of demand for the good is -1. When the price of the good drops by 10 percent to $18, consumer surplus (increases, decreases by $___.
ssume that the supply and demand curves in a market are described by the following equations. Graph the supply and demand curves in this market. Be sure to put the quantity (Q) on the horizontal axis and the price (P) on the vertical axis. You may us..
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