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Q. 1. What is the difference between marginal and total utility?
2. Can marginal utility be negative? Provide an example using your original thoughts and words.
3. Why is it not sufficient to just compare the marginal utility of two goods when maximizing utility?
4. Explain the income and substitution effects and use the concepts to describe what happens when the price of a product decreases.
5. Why would an ounce of gold be priced higher than an ounce of coffee beans though coffee is generally considered more essential than gold? Explain the paradox in terms of marginal and total utility.
If the government wanted to achieve the same change in GDP as in part 8 by cutting taxes instead of increasing spending, how large would the tax cut need to be.
Determine the impact on the economy if the central bank in U.S. used inflation targeting.
Elucidate how the relative composition of M1 changed since 1965. Do your best to explain why this change has occurred.
How would a downward change in the money supply affect you personally. How would it affect your career. What impact would rational expectations have on your decisions in this situation.
A facility for a production plant can be purchased for 155,000 with a down payment of 25,000.
Give an example of a government created monopoly. Is creating this monopoly necessarily bad public policy?
Clarify what action monetary policymakers must take for the actions of fiscal policymakers to have no effect on real income.
Using short-run cost theory, explain the impact of this additional patient on the SAVC and SATC. Do they increase or decrease.
The national economy has been in a slump for several years, but recent signs of strength in much of the economy have led many forecasters to conclude that an expansion could finally be in the offing.
As an analyst at the Treasury Department, you have been asked to predict the behavior of key macroeconomic variables for different scenarios on the state of policy between the US and Europe.
The two economies are so far apart that they don't share ideas and each evolves as a separate roomer economy.
Explain why Blazo's performance from providing these services to ABC Company and other firms will decline if economic growth is reduced.
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