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A consumer is currently purchasing three pairs of jeans and five T-shirts per year. The price of jeans is $30, and T-shirts cost $10. At the current rate of consumption, the marginal utility of jeans is 60, and the marginal utility of T-shirts is 30. Is this consumer maximizing his utility? Would you suggest that he buy more jeans and fewer T-shirts, or more T-shirts and fewer jeans?
Compare the political scientist's view of government and economic policymaking and the Public Choice conception of politicians, bureaucrats and special interest groups in the political process. Which do you consider to be more realistic for unders..
How much of each good does each consumer demand in equilibrium and what is the marginal rate of substitution for consumer A at the competitive equilibrium?
Estimate the number of cups served per week and determine outlet demand curve. What would be the effect of a $5000 increase in the competitors' advertisement expenditure and outlet demand curve
How does and increase in consumers income affect the demandfor mcds big mac hamburgers? if the demand curve shifts, indicate whether it will shift to the right and draw a graph to illustrate the shift. label graph appropriately.
Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level. Compute these values at the profit-maximizing activity level.
A monopolist firm faces the following cost curve: C(Q) = 10Q + 300, where Q is the output produced. The demand for its product is given by P = 50 - .
Discuss the prospects for demand for the kind of automobiles manufactured by Hyundai in two countries: China and Turkey.
For each event given below, respond to the following points using the determinants of demand and supply A. Determine whether demand or supply changes or if the event instead causes a change in quantity demanded or quantity supplied.
An Alumnus of West Virginia University whishes to start an endowment that will provide scholarship money of $40,000 per year beginning in year 5 and continuing indefinitely. The donor plans to give money now and for each of the next 2 years. If..
If inflation and nominal interest rates are constant, at what rate, if any, will velocity grow Given a permanent (once and for all) rise in level of interest rates, how will it affect the level of velocity and the growth rate of velocity
A firm in a perfectly competitive market invents a method of production that lowers marginal costs. What happens to output What happens to the price it charges A. The firm has an employee who threatens to tell all other firms in the industry about..
marginal revenue exceeds marginal cost, marginal cost exceeds marginal revenue, total cost exceeds total revenue.
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