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Explain the concept of diminishing marginal utility. Since all goods are scarce, does diminishing marginal utility contradict the statement that individuals always want more of all goods?
Determine the firm's minimum cost of making unit of output and the wage is €1 per hour and the capital rental charge is €1 per hour.
exercise 1the following production plans are feasiblethe negative numbers stand for inputs and the positive one for
Suppose the market discount rate is 20% instead of 5%. Should he now charge the limit price to deter entry or accept the entry? Assume his goal is maximize the PV of long-run profits.
If Microeconomics is considered to be study of scarce resources. In which customers must make allocation decisions. These 3-basic trade offs include which products or services are to be manufactured
a monopolist has two types of customers. there are 100 of type a who will each pay up tp 10 for a single unit of the
Suppose the marginal costs of production for a company is $6 at its current production levels. suppose the price elasticity of demand is constant at -2 between the prices of $10 to $15, if the current prices are $10 is the company pricing at the corr..
Wages after inflation rise for most Americans by about 3% and for highly skilled workers by 7%. The stock market soars and home prices rise dramatically. If all other things are equal, what is the likely effect on the poverty rate
General Electric (GE) is the company we selected. Explanation of the relevance to the firm, A strategy of how the firm will respond , A goal to maximize revenues for the years ahead 45
Explain the factors of production and give an example for each one and what is the difference between a normal good and an inferior good? How does this relate to the demand curve
1. suppose the interest rate for a one-period bond is 4.a what is the price of an asset paying 111whichmeans 1 after 1
At a recent meeting, the president and the CEO of Production, Inc. got into a heated argument about whether or not to shut down the company's plant in Flint, Michigan. The plant currently loses $50,000/month. The president of Production, Inc. argu..
Fill in the table for the perfectly competitive firm. Explain how you arrived at each number and what is the optimal output, price and profit of the firm?
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