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Economic theory offers ______ about the full range of possible events and responses, which can prevent _______ about how households will respond to changes in prices or incomes.
a) systematic consumption choices; unrealistic conclusions
b) two budget constraint theories; misguided possibilities
c) one budge constraint theory; unrealistic possibilities
d) a systematic way of thinking; misguided conclusions
Under the welfare system depicted in the diagram above, the marginal wage for a welfare recipient is: The reservation wage will decrease for an individual if:
A state government wants to provide incentives for single parents to enter the labor market and become engaged.
A new gear grinding machine for composite materials has a first cost of P=$100,000 and can be used for a maximum of 3 years. Its salvage value is estimated by the relation S=P(0.85)n, where n is the number of years after purchase. The operating cost ..
Flood damage in the Brush Creek area averages $7,000 annually. Civil engineers with floodplain expertise have designed a series of small dams to restrain the flow. They will cost $25,000 and will involve annual maintenance charges of $500. What is th..
Elucidate what happens to the price of oranges and the marginal product of orange pickers as a result of the freeze. Can you say what happens to the demand for orange pickers.
Using a production possibilities curve, demonstrate how the GI Bill affected economic growth and explain your answer.
Research and describe the internal and external environments of 2 real world companies using an environmental scan. Determine what competitive advantages each company has and what strategies each company is using.Hoe does each company create value an..
Explain and illustrate using a diagram why a monopolist would never produce in the inelastic range of the demand curve. In each of the following cases, state whether the monopolist would increase or decrease output: Marginal revenue exceeds marginal ..
Should the objective of the firm be shareholder wealth-maximization. Illustrate what are the limitations of the wealth-maximization model of the firm. What are the alternative models of the firm.
Elucidate the cutthroat competitor's reasons for not raising or lowering his price, thereby accounting for the kink in his demand curve.
Explain the Krugman Imperfect Competition Model of intra-industry trade in automobiles, and what the model means. Use diagrams to demonstrate the model in autarky and in free trade, and to show the existence of gains from trade.
The postal service carrier works on Sunday delivering special high-priority letters. She can deliver 15 letters per hour. The hourly fixed costs (vehicle depreciation, insurance, etc.) equal $42, and the hourly variable costs
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