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With respect to three goods- ice cream, green tea, and digital cameras, what does it mean when your preference for, and satisfaction gained from, these three goods are consistent with the assumptions of completeness, transitivity, and (What I call) the “pig theory” demand.
1) Sean and Samantha are in consumer equilibrium. CDs (on the “X” axis) cost 60 dollars each and cassette tapes only 15 dollars each. Samantha consumes CSs and cassettes. Sean consumes only cassettes.
o What can you infer about Seans MRS (marginal rate of substitution) of CDs and tapes? Explain.
o What about Samanthas MRS? Explain.
If one producer is able to produce a good at a lower opportunity cost than some other producer, then the producer with the lower opportunity cost is said to have an absolute advantage in the production of that good.
In a perfectly symmetric distribution, which of the following statements is false? ?The distance from the smallest observation to Q2 is the same as the distance from Q2 to the largest observation The distance from Q1 to Q2 equals to the distance from..
Critically analyze how each of the above can impact the firms sustainability and identify the appropriate strategic steps you will apply to revamp this company.
Which of the following is (are) true about the loanable funds market?
Why are Average Cost Curves U-shaped? Illustrate what is Law of Diminishing Returns. Discuss a company's two short run options.
What was the expected return on Columbus’s expedition, assuming that he had a 50 percent chance of discovering valuables worth $1 million, a 25 percent chance of bringing home only $10,000, and a 25 percent chance of sinking?
Consider a market where supply and demand are given by QXS = -16 + PX and QXd = 92 - 2PX. Suppose the government imposes a price floor of $40, and agrees to purchase any and all units consumers do not buy at the floor price of $40 per unit. Determine..
Consider a committee of Ann, Bob, and Carol that is choosing between three alternatives, {x, y, z}. Player i’s preferences are represented by the ordering i . Suppose the three player’s preferences are: x A y A z. y B z B x. z C x C y. Each player ha..
For each of the following situations, decide whether the bundle Lakshani is considering optimal or not. If it is not optimal, how could Lakshani improve her overall level of utility? That is, determine which good she should spend more on and which go..
Output is produced according to Q = 4LK, where L is the quantity of labor input and K is the quantity of capital input. If the price of K is $10 and the price of L is $5, then the cost minimizing combination of K and L capable of producing 32 units o..
Select a Government Regulation. Identify a particular government regulation of your choosing that in your opinion has either been successful or a failure. Briefly state the original purpose of this regulation and whether it has changed over time. The..
Comment on the following statement: “When aggregate demand falls below the current output level, an unintended inventory accumulation occurs and the economy is no longer in an equilibrium.”
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