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Explain utility, total utility and marginal utility and the differences between them. Include examples.
1. Explain with examples the law of demand and the demand curve.
2. Explain “the rational consumer, marginal utility and price.
3. With examples explain the difference between elastic and inelastic demand
Possible examples-beer and cigarettes
4. With examples explain how elasticity of demand effects total revenue.
What role does depreciation play in the Solow growth model? How would a decrease in the rate of depreciation (?) change the steady state level of capital and output? Illustrate using a diagram of the Solow Equilibrium. How would the model’s conclusio..
Illustrate the effects of monetary policies on the economy's production and employment.
How does the price faced by a profit-maximizing competitive firm compare to its marginal cost? Explain. When does a profit-maximizing competitive firm decide to shut down? When does a profit-maximizing competitive firm decide to exit a market?
Why tax multiplier is smaller than the multiplier for the same amount of government spending? Please explain with the following data: $1 million tax cuts, $1 million increase in government spending, MPC=0.75.
The production process requires labor and capital as inputs. Labor costs $6 per labor hour and capital costs $12 per machine hour.
Assume that raising the marginal income tax rate raises $200B which could be spent on infrastructure projects. Explain how would we measure the cost of the project to determine whether it is worth undertaking.
An Asset for transportation purchased and placed in service by a petroleum production company. Its cost basis is $75,000, and it has an estimate MV of $15,000 at the end of an estimated useful life of 15 years.
You are asked whether current antipoverty policy meets three generally accepted goals of helping, minimizing cost, preserving work incentives also what changes you would favor and why.
In calculating the incremental cost of a particular project, how would you treat the possible future costs of a lawsuit that may occur as a result of this project.
Suppose economy starts with GDP at potential, the real interest rate and marginal product of capital both equal to 3% ad a stable inflation rate of 2%. Analyze the effect of this shock in IS/MP diagram. What policy response would you recommend to fed..
Give a Share of GDP (percent), such that C=69.9, I=19.0,G=15.3, X-M= -4.5. If consumption in the changed to 43 while government expenditure and net exports remained constant, what would happen to investment as a share of GDP ?
q.you are the manager of a large automobile dealership who wants to learn more about the effectiveness of various
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