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After consuming one Coke, John has a total utility of 10 utils. After two Cokes, he has a total utility of 25 utils. After three Cokes, he has a total utility of 50 utils. Does John show diminishing marginal utility for Coke, or does he show increasing marginal utility for Coke? Suppose that John has $3 in his pocket. If coke costs $1 each and John is willing to spend his first dollar on purchasing a first can of Coke, would he spend his second dollar on a can of Coke too? What about the third dollar? If John's marginal utility for coke keeps increasing no matter how many Cokes he drinks, would it be fair to say that he's addicted to Coke?
A rise increase in elasticity of demand will also rise monopoly power.
Long-run discectomies of scale over the range of output for which the long-run average cost curve is?Which of the following is always true? The law of diminishing marginal returns explains the general shape of the firms?
We are in the midst of a slow growing economy in the aftermath of a severe recession. During the economic downturn many businesses laid off workers very quickly once they forecast their sales were dropping. What is the economic reasons behind cutt..
The annual growth rate for the population in the state of West Virginia is one of the nation's lowest at 0.30%. Why do you think other states, for example, Virginia, have nearly four times this growth rate
Assume that you test the Linder hypothesis by comparing Germany's absolute difference in per capita income from each of its trading.
Elucidate how the Law of Diminishing Marginal Product results in u-shaped average cost curves, both Average Total Cost (ATC) and Average Variable Costs.
Illustrate the potential problems of economic transition from a planned economy to a competitive free-market economy.
The company's computer system uses fluid structure interaction modeling to test and analyze each airbag design concept. What is the present worth of the concept at 16% per year, compounded quarterly, if the quarterly cost in years 1 through 5 is $..
Draw marginal revenue function for this firm. What is the profit-maximizing price for this firm? On the graph describe the area, this represents the net loss to society resulting from the monopoly power conferred by the patent.
Explain how would you evaluate this forecast for your firm.
Most wild Asian tigers are the common property of the humans and governments that control the lands they inhabit. Why does this pose a significant problem for maintaining the wild tiger population in the future.
Illustrate what are the pros and cons of switching to a market for kidneys. Currently, people can volunteer to donate one of their two kidneys, and getting a kidney is dependent upon your need and prognosis and sometimes having a relative who is a..
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