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For utility maximization, consumers will purchase different consumption bundles until their marginal utility per dollar are equal. So, when the marginal utility of beef is 10 at price of $5 per lb and the marginal utility of chicken is 8 at price of $3 per lb, will you purchase more beef or chicken? Explain briefly about your decision.
Suppose in Belgium the opportunity cost of producing a trombone is 8 clarinets. In Denmark the opportunity cost of producing a trombone is 6 clarinets. Which country has a comparative advantage in the production of trombones?
Larger firms produce a product at larger average cost than small firms when:
The unemployment rate in November 2011 came down to 8.6% from 9.0% in the previous month. What could have been a possible reason for the decrease in the unemployment rate even when many new were not created in the economy at that time?
In a situation of first-mover advantage, a strategic move would be to:
A manufacture procedure using 2 inputs, labor as well as capital.
The price elasticity of demand for urban transit fares has been estimated to lie between -0.1 and -0.6. Based on these results, give an economic argument for raising transit fares. What political arguments might local governments and transit authorit..
Explain how firm could employ computed elasticities in its pricing and marketing decisions. Which of se variables have statistically significant relationships with sales.
q1. illustrate what is the marginal revenue from selling another book for the author? explain how does it compare to
EI Paso Water Utilities (EPWU) purchases surface water for treatment and distribution to EPWU customers from EI Paso Country Water Improvement District during the irrigation season. A new contract between the two entities resulted in a reduction in f..
A number of people have argued for a flat tax with each person getting a personal exemption of, say, $10,000, meaning that they pay zero tax on the first $10,000 of income and then 20% on all income above that. Is such a flat tax progressive, proport..
You are the CEO of a firm that has manufacturing facilities in an emerging market. Suppose that country's government decides to impose trade restrictions requiring that all companies be majority-owned by domestic firms. What actions would you take..
In the USA buying and selling of human organs is illegal. Those who need organs cannot buy organs from the market and those who donate organs cannot sell their organs. In your diagram show the effect of this policy change. Will this policy increase t..
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