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Suppose Ann's marginal rate of substitution between good y and good x is -2. Bill's marginal rate of substitution between good y and good x is -3. each consumer has 10 units of each good. Propose a trade between Ann and Bill that would make each consumer better off.
Why are many consumers apt to be rationally ignorant about their options? Why would insurance coverage tend to increase rational ignorance? Why are so many economists opposed to licensure of medical facilities and personnel?
Illustrate how increase in human capital affects production function. Blue line (circle symbols) in graph below shows production function.
Find the trend in the growth rate of M1 and M2. What accounts for differences in the growth rate of each money supply measure - Summarize measurement issues in M1 and M2 identified by the Federal Reserve.
To build trust among virtual team members, managers should Deep-six the egos
Consider the following firm with the production function Q=F(L)=2L^1/2. L=labor. Wage w=12. Fixed costs are FC=500(sunk cost). Derive the short run cost function. Graph this function using excel.
Find the following probabilities for a sample of n = 10 trainees selected at random. Two or more are rated as outstanding. None of the trainees are rated as unsatisfactory.
Is the online book retail industry qualified as a perfectly competitive market by the four market characteristics listed in the lecture note? If not, what characteristic(s) is (are) not met? There are so many companies having websites to sell their p..
Microeconomics is considered to be the study of scarce resources (Perloff, 2007). Here, consumers (both individuals and organizations) must make allocation decisions.
For each of the following events, use the subsequent graph to illustrate the short-run effect on aggregate supply and aggregate demand. Households decide to save a larger share of their income.
Illustrate what percentage of G1 can be mixed with G2 and still satisfy the customers. Elucidate the resulting paint cost per gallon.
Demand for a good is Qd = 20,000, 100 P. Supply is Qs = -1000 + 200 P. a. Find Q*, P*, consumer surplus, producer surplus, and total variable costs. Make a graph and label it. b. What is the elasticity of supply at the solution point? What is the ela..
You have just been hired as manager of a new golf club. The golf club has market power over its members. The club owner wants you to come up with a two-part pricing strategy to maximize profits for the club. The average golfer’s monthly demand is P =..
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