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Total utility, marginal utility, and utility maximization
Can you please explain the concepts of total utility, marginal utility, and utility maximization.
Can you please define diminishing marginal utility and illustrate with two real-life examples - one for a business and one for an individual?
Which of the following is the result of competing through advertising for a monopolistically competitive firm? Which of the following is true about advertising?
Karen earns $75,000 in the current period and will earn $75,000 in the future. Assuming that these are the only two periods, and that banks in her country borrow and lend at an interest rate r = 0, draw her inter-temporal budget constraint.
You are given the following information about the personal computer (PC) industry: Find the NRP and the ERP. Show all calculations and formulas.
Does not economic growth and the innovation that generates it, produce more and more substitutes or new discoveries of reserves
Suppose a product sold in a competitive market is subject to a government price control. Suppose the regulated price is less than the free market equilibrium price.
Use the data below to find out the growth of income per person (over the entire period, not an annual basis) between the two years listed.
Describe why the following statement is true: It is possible for average variable cost (AVC) to rise while average total cost (ATC) declines.
The Hull Petroleum Company and Inverted V are retail gasoline franchises that compete in a local market to sell gasoline to consumers.
Consider the instrumental variable regression model Y i β 0 + β 1 X 1 + β 2 X 1 +u i , where Z i is an instrument
Suppose an economy only produces single consumption well. Consider permanent upward shift of production function. Graphically describe the effects on each of following:
Assume that the Fed unexpectedly raise the rate of money growth.
Draw a diagram describing autarky and a pattern of comparative advantage for your example.
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