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Does the law of diminishing marginal utility hold true in everysituation? Is it possible to think of goods for which consumingadditional units will result in increasing marginal utility?
Suppose a small city dry-cleaning market, which is monopolistically competitive. Currently, the typical dry-cleaner is charging $5 an product.
You will be asked to collect five (5) newspaper articles relating to subjects we are covering in the class. As we cover the various chapters you should be actively searching newspapers/magazines to find articles.
Last year, Pat and Chris occupied separate apartments. Each consumed 400 gallons of hot water monthly.
How can you justify the existence of government-granted monopolies for public utilities such as natural gas distribution and electricity in the light of traditional economic argument that the more competition there is, the more likely it is that an e..
measure used to calculate the price level and measure used to calculate the cost of borrowing money.
Assume that the Fed Reserve adopts an inflation targe of 3% for its monetary policy.
Find the equilibrium price and quanitity. If the curent pice of te product is $100, what is the quantity supplied and the quantity demanded? How would you describe this situation, and what would you expect to happen in the market?
It has been proposed that toll collection on the Massachusetts Turnpike, a key commuter route into Boston from the west, be discontinued. Proponents argue that tolls have long ago paid for the cost of building the road
As an economist, you have been asked to address a meeting of a group of international professionals to explain the differences between microeconomics and macroeconomics and to provide real-world examples.
Why does a tax on a product that has a negative externality help get the market closer to the social optimum?How does the tax change the behavior of the consumer or producer?
Since fall of 2004, increasing oil prices over $70 per barrel in spring of 2006 have frequently ended stock market rallies and led to refuse in all major stock indexes.
A statistician from your firm used a linear demand specification to estimate the demand for its product and sent you a hard copy of the results; then she quit. Unfortunately, some entries are missing because the toner was low in her printer. Use t..
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