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Consider the following simplified version of the television game show Let's Make a Deal. There is a grand prize behind one of three curtains; the other two curtains are empty. As a contestant, you get to choose a curtain at random. Let's say you choose curtain 3. Before revealing what's behind the curtain, the game show host always offers to show you what one of the other curtains contains. She shows you that curtain 2 is empty; in fact, she always shows you an empty curtain. (You know that's how the game works; so do the audience and everybody else.) Now you must decide: Do you stick with your original choice, curtain 3, or switch to curtain 1? Which action gives you the better chance of finding the grand prize?
As a result of increased tensions in the Middle East, oil production is down by 1.2 million barrels per day-a 5 percent reduction in the world's supply of crude oil.
the australian government recently announced its proposed carbon price mechanism. the operation of this scheme is
In a perfectly competitive market, some people have a positive marginal rate of time preference (MRTP), and others have a negative MRTP. Define MRTP (positive and negative) and explain how the utility maximizing MRTP will be determined in this perfe..
a firm has the opportunity to invest in a project having an initial outlay of 20000. net cash inflows before
what is limit pricing? a suppose your firm produces a product at a constant marginal cost equal to 1. suppose the
A firm has the following quadratic cost function TC = 0.025Q2+ 12Q + 500 , Find the coordinates of the point where the marginal cost curve intersects the average total cost curve.
Describe why the results of computing cross-price elasticity can be useful in determining product relationships. In your explanation, contrast the different numerical values of cross-price elasticity and what each value indicates.
A popular magazine offers a lifetime subscription for $1000. Such a subscription may be a given as a gift to an infant at birth (the parents can read it in those early years), or taken out by an individual for himself.
Explain how the extreme point on the vertical axis is identified and how the extreme point on the horizontal axis identified when the production possibilities curve is drawn.
These multiple choice problems are relate to Economics. The riest problem is about lobbying and extension of patents are examples of inefficiency and the second problem is about marginal cost curve and average variable cost curve intersecting.
The change in the consumption of good X due to the change in the price of good X while holding the consumer’s utility level constant at the original level of satisfaction.
Discuss an example of a behavior that our society once considered deviant but is no longer viewed as deviant today. Discuss a behavior that we consider deviant today but that once was viewed by society as "normal" or acceptable behavior.
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