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1. Explain whether the following statements are true or false.
a. The marginal rate of substitution diminishes as an individual moves downward along the demand curve.
b. The level of utility increases as an individual moves downward along the demand curve.
c. Engel curves always slope upwards.
2. Tickets to a rock concert sell for $10. But at that price, the demand is substantially greater than the available number of tickets. Is the value or marginal benefit of an additional ticket greater than, less than, or equal to $10? How might you determine that value?
3. Which of the following combinations of goods are complements and which are substitutes? Could they be either in different circumstances? Discuss.
Suppose that Melanie had 200000 of disposable income and spent 180,000 on consumption in 2006 & had 300,000 of disposable income & spent 240,000 on consumption in 2007
A corporation bought a machine for $100,000 four years ago. It was being depreciated on a straight line basis over five years. The company decides to replace this machine today.
Elucidate what does the US government hope to achieve through the use of its antitrust policy.
Use aggregate demand (AD) and aggregate supply (AS) model in which the short run aggregate supply curve slopes upwards to describe the equilibrium level of real GDP and prices if the economy is operating:
Discuss and explain the current tax treatment of capital gains under personal income tax. Describe why do some economists argue that reduction in rate of taxation and capital gains can actually raise tax revenue collected from such gains?
What typical measure was adopted to combat the potential abuse of market power by German Telekom? Why would regulation be been necessary? Why not now?
Patients who need the surgery must pay for it themselves. Among which of the surgeries has the lower inflation rate.
1. In a short run a perfect competitive firm will always make an economic profit if: 2. In the short run, the individual competitive firm's supply curve is that segment of the:
make the costs of compliance and non-compliance with regional trading bloc rules and regulations.
Holding other factors constant, will the quantity of investment spending increase more in the closed economy or in the small open economy Explain. Assume prices are flexible and that factors of production are fully employed in both economies.
Use the following data for a pure monopoly to calculate the firm's-its profit-maximizing output level and produce price;
What will happen tothe price of corn oil [3] How does theprice elasticity of demand for corn oil influencethe quantity-demanded of corn oil and theTotal Revenue earned by sellers of corn oil Explain, using economic terms
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