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(Consumer Surplus) suppose the linear demand for shirts slopes downward and that consumers buy 500 shirts per year when the price of shirts is $30 and 1,000 shirts per year when the price is $25.
a. compared to the prices of $30 and $25, what can you say about the marginal valuation that consumers place on on the 300th shirt, the 700th shirt, and the 1200th shirt they might buy each year?
b. With diminishing marginal utility, are consumers deriving any consumer surplus if the price is $25 per shirt? Explain.
c. Use a market demand curve to illustrate the change in consumer surplus if the price drops from $30 to $25.
Italians focus on past; Americans focus on present. Italians therefore should generally be more resistant to change efforts than Americans. Does culture influence how change efforts will be implemented.
if the price is greater than the average variable cost and less than the average total cost at the profit-maximizing quantity of output in the short run, a perfectly competitive firm.
Your company is bidding on a system design project. It is your job to design the system architecture. How will you balance the need for scalability against the need to keep costs as low as possible to win the bid?
Paula is considering going to law school. If she does, she will spend $60,000 on tuition and books to get a college education (during the first time period), $120,000 on tuition and books to get a law degree (during the second time period), and her l..
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Elucidate how that influences the marginal benefits and marginal. Costs associated with your decision to purchase a house.
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