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Define marginal product, marginal revenue, value of marginal product (VMP), the marginal revenue product (MRP) of a resource and explain the relation between MRD and demand for that resource.
College education provides higher income for the individual, but also a more productive and more educated person who will contribute to society in many ways. Carbon dioxide emissions are thought to contribute to global warming, and there is concer..
Alexander studies away from home. While at school, he spends all his income on air travel and economics textbooks. In a diagram with air-travel as the x-axis good, as pair increases while ptext remains unchanged, Alexander's price consumption path..
In the 1970s, the United States experienced periods of severe gasoline shortages due to OPEC policy and unrest in the Middle East. The price of gasoline increased as a result of these shortages.
First, identify and describe the three basic questions that all economies must answer. Write a thorough paragraph for each of the three basic questions and be sure to explain how any of these questions relate to demand, scarcity, technology, the d..
Describe briefly a market in an important product, resource or service in which demand and supply is not mediated through price mechanism. What alternative mechanism is used to allocate the scarce resource or product in this market [Hint, one such..
Scarcity shapes decisions about how to distribute goods. Because resources are scarce consumers buy fewer good.
Delineate which market participants you believe benefited from the final court decision and whose interests were harmed.
Assuming that Disneyland wants to serve both types of consumers, find the entry fee and the marginal price under the Oi two-part tariff. Assuming that Disneyland wants to serve both types of consumers, find the entry fee and the marginal price un..
Suppose the recipient of a kidney transplant has stated that she would prefer 5 years of perfect health to the 10 years she expects to live with her transplant.
What is the key assumption needed to show how one can construct a numerical utility function out of just a preference ordering? Don't just draw a picture; explain what the assumption means and apply it to show how to construct that numerical util..
Illustrate with a graph how the PPF presents a strong rationale for the plausibility of the law of supply and supply and demand graphs indicating the change in equilibrium price and quantity.
The wage paid to engineers is $4000, while technicians, who are not as skilled as engineers, receive $2000. The firm's budget on a particular project is $28,000. How many engineers and how many technicians should be hired in order to maximize p..
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