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a. Do you think it is the same to act in your own self-interest as it is to act in a selfish way? Why or why not?
b. Do you think enlightened self-interest is a contradiction in terms, or is it a valid basis for all action? Evaluate whether our laissez-faire, free-market economic system does (or should) operate under this philosophy.
Explain how buyers’ willingness to pay, consumer surplus, and the demand curve are related. Explain how sellers' costs, producer surplus, and the supply curve are related.
q. assume always there wireless serves 100 high-high demand as well as wireless consumers each of whose monthly demand
The GDP is $40 billion below its potential value. It is expected that next-period GDP will be $20 billion below potential and that two periods from now it will be back at its potential level. The multiplier for government spending is 2. What is the b..
Mars and Hershey's dominate the domestic chocolate candy bar business. In this mature market; advertising by individual firms does little to convince more people to eat candy. Effective advertising simply steals sales from rivals. Briefly describe th..
In which of the following situations is the Coase theorem likely to apply? Explain.
Suppose the own price elasticity of market demand for retail gasoline is -0.6, the Rothschild index is 0.4, and a typical gasoline retailer enjoys sales of $1,800,000 annually. What is the price elasticity of demand for a representative gasoline reta..
Which of the following is not one of the services the Fed provides to commercial banks? If the price of one good changes while other prices are held constant,
The Profit Maximizing condition for firms facing perfect competition is 1) Marginal Revenue = Marginal Cost and 2) Marginal Cost must cut through Marginal Revenue from below. Market structure is measured in the ability to set the price of the output...
when given 5 costs also quantities over 5 months also asked for the arc cost elasticity of demand.
Illustrate what are the arguments for using real per capita GNI to compare living standards between countries.
How would the following transactions affect U.S. exports, imports, and net exports?
Illustrate what factors seem to be most important in determining development also why
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