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Suppose that omar's marginal utility for cup of coffee is constant at 2.5 utils per cup no matter how many cup he drinks. on the other hand, his marginal utility per donut is 11 for the first donut he eats, 10 for the second he eats, 9 for the third he eats, and so on declining by one util per additional donut. in addition, suppose that coffee cost $1 per cup, donut cost $1 each, and omar has a budget that he can spend only on donuts, coffee, or both. How big will that budget have to be before he would spend a $1 buying a first cup of coffee?
Provide an example of the price discrimination for good or service which you thought it to unfair. Do you still believe that the discrimination is unjustifiable.
Suppose that the rate of depreciation as well as the rate of saving are each .10. Also assume that there is no technological nor population growth.
Demand and Supply curves. The following relations explain demand and supply conditions in the wheat industry:
Select an organization that has a high fixed cost and low variable cost balance to run its operations. Explain and discuss the balance of fixed and variable costs for the organization.
A driver wishes to buy gasoline and have her car washed. She finds that the wash costs $3.00 when she buys 19 gallons at $1.00 each, but that if she buys 20 gallons, the car wash is free. Thus the marginal cost of the twentieth gallon of gas is:
The firm's president concurs with the opinion of the executive vice-president and As the head of marketing you respond with a memo pointing out that the price elasticity of demand for the firm's product is about -0.5. Why is this fact relevant?
Explain how banks and individuals can use covered interest arbitrage to protect themselves when they make international financial investments.
Assume the military bureaucracy consistently misinforms Congress on total costs of producing military hardware. Suppose that it underestimates the actual costs and that the political representatives believe these estimates.
Calculate Alex's income elasticity of demand for bagels and what is the pasta sauce makers' estimate of the cross elasticity of demand for pasta sauce with respect to the price of pasta?
Two partners who owns IT Business Solutions, a company supplying specialist software, operate out of an office in Fourways, Johannesburg but have discovered a vacant office building close to Sandton City.
The perfectly competitive company takes the equilibrium value set through the market and maximizes profit through manufacturing where price, which also equals marginal revenue, is equal to marginal cost.
Describe and discuss why characteristics of the labor markets should result in the similar wage rate for all jobs requiring the similar level of abilities and skills?
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