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Say a consumer is choosing between red wine and white wine. The price of red wine is 20 and the price of white wine is 10. If the marginal rate of substitution is 1, and if red wine is on the horizontal axis then the consumer is purchasing: A. Too much red wine B. Too much white wine C. Just the right amount of both goods D. Purchasing more than what her income would allow
gdp per capita ppp current international for sub-saharan africa and uganda between the years 1980 and 2010.1. for
Illustrate what is meant by the term "natural monopoly" and what are the key characteristics.
Compare the total costs in parts a and b. If the government does not know the cost of pollution reduction for each firm, is there still some way to reduce pollution to 50 tonnes at the total cost calculated in part a?
Mirk Labs is a pharmaceutical company that currently enjoys a patent monopoly in Europe, Canada, and the United States on Zatab, an allergy medication. The global demand for Zatab is: Qd = 15.0, 0.2P where Qd is annual quantity demanded (in millions..
if they use a regulation should they allow for pollution permits? explain the benefits and detriments of each form of control. what would you recommend?
How much does New York job have to pay in order for two salaries to represent about same purchasing power. When box office receipts are corrected for inflation, No.
Illustrate what trends did Nokia pursue as it designed mobile phone products in the late 1990's.
A flood control project with a life of 15 years will require an investment of $250,000 and annual maintenance costs of $20,000. The project will provide no benefits for the first two years but will save $60,000 per year in flood damage starting in th..
What is a monopolist? Is the product unique or there are no close substitutes. Discuss What type(s) of decision does the monopolist make about pricing and the quantity of output to offer in the market? Can the monopolist determine the level of output..
Explain is any outcome generated by a Nash equilibrium not generated by any subgame perfect equilibrium.
Suppose that a small county is considering adding a guard rail to a dangerous curve by a river. The guard rail will cost $70,000. The average damage done to vehicles that slide off the road at the curve is $10,000. It is expected that the guard rail ..
Define the term, INDUSTRY, in detail as it pertains to economic organization. Do all firms in an industry have the same amount of financial risk associated with them? Explain.
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