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Provide a short example of how the law of diminishing marginal utility applies to a real-life situation. In your answer, explain why utility from consumption of these specific good or service increases quickly initially, peaks, and may eventually lead to decreasing utility.
AT LEAST two paragraphs please
q.point out one product that you believe is produced by a pure monopoly firm or a firm with a high degree of monopoly
q.assume that company abc is replacing workers on the manufacturing floor with robots and other machines. company xyz
Explain how each barrier can foster either monopoly or oligopoly. What barriers, if any, do you feel give rise to monopoly that will allow the government to become involved to protect consumers?
The Federal Open Market Committee directive is a
Consider an antique auction where bidders have independent private values. There are two bidders, each of whom perceives that valuations are uniformly distributed between $100 and $1,000. One of the bidders is Sue, who knows her own valuation is $200..
Damage to the parked car was $5,400, and damage to the store was $12,650. What amount will the insurance company pay for the damages. What amount will Kurt have to pay?
Describe the four successful round of venture financing (Through D) achieved by spatial Technology in terms of sources also amounts.
If the tax elasticity of supply is 0.55 by how much will the quantity of labor supplied decrease when the marginal tax rate increases from 35 to 45 percent?
Supposes cost of consumer market basket rose from $200 in base year to $225 in current year. Calculate CPI in current year and percentage change in prices between base year and current year.
If offered the choice between a 10 percent increase in her hourly wage rate, which would Helga choose? Assume that she is free to choose her hours of work.
Assume that the market for wheat is perfectly competitive, with demand curve P = 5000 ? 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by T C = 1+Q+Q2 , which results in marginal cost of MC = 1 + 2Q...
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