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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 affects total revenue.
Consider a Stackelberg competition with one leader and multiple followers. All products are homogeneous. Marginal cost for all firms is zero and all products are homogeneous. If the leader produces a quantity of 6 units how much would each of the oth..
Explain the equilibrium price will remain unchanged, smokers will consume the same number of cigarettes. Do you agree or disagree with this view.
You will select any country that is considered developed and compare it with a nation that is developing. Illustrate what are social, economic and political differences that set them apart.
If Robinson Crusoe can, either shoot 5-wild geese or catch 15-fish, on average, for every hour of labour effort. i.e. opportunity cost of shooting one wild goose is three fish.
Assume that marginal utility of good A is 4 times the marginal utility of good b. The firm can compute all points on its total cost curve if it knows.
Which of the following auction examples has a common value information structure?
Explain how is it possible which output rises while at the similar time employment is falling.
For an interest rate of 12% and a lifetime of 10 years, which proposal should be selected? Calculate your answer in three ways: Using present worth on incremental investment
Illustrate what will happen to the forex marketplace rate CAD/USD if you continue trading with your strategy.
Why is preference-based discrimination by employers easier to overcome than preference-based discrimination by employees? If arbitrage becomes extensive, a price-discriminating monopolist selling its patented drug in two markets will. Discrimination ..
How would the effects of international trade on the domestic orange market change in the world price of oranges were above the domestic equilibrium? Draw a graph to help explain your answer.
Then make an argument for why the government may still prefer using the other approach.
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