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The law of diminishing marginal utility states that as an individual consumes more and more units of a specific good or service, the additional utility the consumer derives from the successive units keep on diminishing (declining) over time. Thus diminishing marginal utility explains a lot about consumer behavior in the market economy.
Homer's boat manufacturing has a monopoly on boat sales in the region. Homer's marginal cost of the 8th boat produced is $1,200. He produces only eight boats and can sell all eight boats for $1,500. The elasticity of demand at this price is -2. Is..
In a market demand and supply equations are: What is the equilibrium price and quantity? What is the monopoly market price and quantity? What is the consumer surplus? What is producer surplus?
The short-run production function of a profit maximizer firm is given by f(L) = 6L^2/3 , where L is the amount of labor it uses. The cost per unit of labor is w = 6 and the price per unit of output is p = 3. (i) How many units of labor will the firm ..
Suppose the real wage remains unchanged between year 1 and year 2 but the nominal wage increases from $20 to $24.Based on this information, we can conclude that the price level has:
a) Compute the annual depletion on a cost basis. (a) Compute the annual depletion on a percentage basis.
Discriminating monopolists are able to charge different prices to different customers. In fact, a perfectly discriminating monopolist is able to charge.
A firm operating in a purely competitive market has total cost function given by c(y) = y^ 2 + 10 for y > 0 and c(0) = 0. What is the firm’s marginal cost function? What is the firm’s average cost function? At what quantity is the firm’s marginal co..
List and explain the factors that cause an increase in demand (i.e., shift the demand curve to the right). If price is or is not one of these factors, explain why? List and explain the factors that cause an increase in supply ( i.e., shift the supply..
A $2 million School-bond issue being interest at 15 percent pay le annually and maturing in 25 year was sold at a price which a 20 percent annual rate of return to the investors. The brokerage fee for handling the sale was 0.3 percent of the bond iss..
A steel manufacturer purchases an iron ore mine and a coal mine.
Autonomous aggregate expenditures decreases by $300 million, the marginal propensity to consume is 0.60, marginal propensity to invest is 0.25, and the marginal propensity to import is 0.15. Calculate the change in income.
A continuous annuity with withdrawal rate N = $1,800/year and interest rate r = 2% is funded by an initial deposit P0. When will the annuity run out of funds if P0=$89,000? The annuity runs out after approximately__ years. Answer to the nearest whole..
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