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1. In case of a Giffen good, income effect dominates substitution effect.
True or False
2. All the points along the demand curve share the same elasticity.
3. Production function q = 2L + 3k^2 exhibits increasing returns to scale.
True or false?
4. Assume that utility function is U(x,y) = xy2. The marginal rate of substitution between x and y changes if the amount of both goods doubles.
5. The marginal cost curve passes through the minimum point of the average fixed cost curve.
Elucidate how should Microsoft market long distance telephone services in the new wireless telecommunications devices which also include Internet portals.
A monopolist estimated that the own-price elasticity of demand for its product is -4.5 and its advertising elasticity of demand is 1.5. Assuming these elasticities are constant, what fraction of the firm's revenues should the firm "reinvest" in adver..
Compute the real GDP per person for this nation in 2001, in 2000 euros per person. Round your answer to the nearest euro.
The following information describes the value Lori Landlord places on having her five apartment houses repainted. She values the repainting of each apartment house at a different amount depending on how badly it needs repainting. Value of new paint o..
What supply curve of turkeys shifts leftward. Tthe demand curve for turkeys shifts leftward ?neither the demand curve nor the supply curve shift; instead there is a movement along both curves.
Suppose that an individual's demand for the number of physician visits per year, Q, can be represented by the following equation: Q=5-0.40P, where P, the market price of an office visit, equals the marginal cost of $100. Determine the efficient numbe..
Which of the following was responsible for slower economic growth before the Industrial Revolution? There was no instance of technological innovation.
How would Cost-of-Living Adjustments weaken the ability of the central bank to exploit the trade-off between inflation and unemployment?
q1. assume that the reserve requirement is 25 percent. if a single bank has excess reserves of 500000 explain
Explain how would you design a specific customized compensation plan for Agent-Principal.
A brewery is considering two potential production investments.
In the long run the interest rate adjusts to adjust to balance the supply and demand for loan able funds. In the short run, the interest rate adjusts to balance the supply and demand for money. Discuss.
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