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Which of the following best illustrates the law of diminishing marginal utility?
A. The more I go to school, the more I want to do something else.
B. Since we need gasoline more than we need paper, gasoline is more valuable.
C. The more coffee I drink the more I want to drink.
The concept of game theory is one I find intriguing. Its relationship to economics was not understood until the last decade and now the bulk of the Nobel economics prizes have been awarded for behavioural economics of which game theory is a component..
a firm can use three different production technologies with capital and labor requirements at each level of output as
What is the relationship between income and exports?
classify the following studies as descriptive or inferential and explain your reasonsa. a study on stress concluded
A monopolist has two types of customers. There are 100 Type A, who will each pay up to $10 for a single unit of the good, and 50 of Type B, who will each pay up to $8. Neither is willing to purchase additional units at any price. If it must charge..
The provider is assumed to maximize profits. Determine the provider's equilibrium wage and how many nursing units it will hire. The provider is a monopsonist, which means it is the sole purchaser of labor in the market. Nurses are used by the clin..
Why do you think it is important for managers to understand the mechanics of supply and demand both in the short run and in the long run?
suppose mpc is 0.8 initially. households then change their behavior so that the mpc falls to 0.75. what happens to
A copper mining operation discharges waste products into a river and causes higher costs and discomfort to downstream users of the water.
How much will each firm produce and what is the shut-down price for the firm - What is the largest quantity the firm can produce where the cost minimizing choice is to produce everything with production process 1?
both inflation rate and unemployment rate are closely watched aspects of macroeconomic performances of the economy
What is globalization? What are its dimensions? Briefly explain how these two groups of forces drive globalization: the worldwide reduction of tariffs, market liberalization and economic integration on the one hand and advances in technology on the o..
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