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Tom consumes positive quantities of both jam and juice. the price of jam is 5 cents per unit and the price of juice is 10 cents per unit. Her marginal utility of jam is 10 and her marginal utility of juice is 55. Without changing her total expenditure, how should she adjust her consumption in order to increase her total utility?
The inverse demand curve for sugar is P = 100−Q. There are two firms, C and D, who produce sugar. Firms produce sugar using a technology with a cost function characterized by C(Qi) = 20Qi where Qi is the quantity produced by each firm. What is the Be..
Explain the most important characteristic in perfect competition, monopolistic competition, oligopoly, and monopolies and relate the characteristic to how these firms can make profits in the short run
Decreasing returns to scale occurs when a firm has to increase all inputs at an increasing rate to maintain a constant rate of increase in its output.
According to the quantity theory, money in the long run affects: If the Fed increased the supply of money, and velocity remains unchanged, according to the quantity equation: The velocity of money is: The quantity theory of money states that: In a co..
explain how the short-run phillips curve the long-run phillips curve the short-run aggregate supply curve the long-run
Illustrate what has happened in the market for your good or service in the curve you labeled D1. What happened to the equilibrium price.
What is the change in the total amount that J & R National Bank can loan out? Explain.ii. What is the total amount that the bank can create? Explain.
The U.S. economy has fallen into a recession. It is a severe and deep recession, and one that some economic analysts say may persist for at least another year.
When free trade increases market competition, what happens to the ability of a firm to set high prices? What about when trade restrictions are imposed?
Supposed objective function is changed to, do you need to re-graph feasible region of this LP. Why. What is solution for new LP. Is it unique.
What assumption along with diminishing marginal product implies diminishing marginal rate of technical substitution?
Why might the Homo sapiens production possibilities curve have shifted outward to the right much more rapidly than those of Neanderthals.
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