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1. (Law of Diminishing Marginal Utility) Some restaurants offer “all you can eat” meals. How is this practice related to diminishing marginal utility? What restrictions must the restaurant impose on the customer in order to make a profit? (Answers may vary)2. (Marginal Utility) Is it possible for marginal utility to be negative while total utility is positive? If yes, under what circumstances is it possible?3. (Role of Time in Demand) In many amusement parks, you pay an admission fee to the park but you do not need to pay for individual rides. How do people choose which rides to go on? (Answers may vary)4. What is the diamonds-water paradox, and how is it explained? Use the same reasoning to explain why bottled water costs so much more than tap water.5. Please read Jane Katz’s “The Joy of Consumption: We Are What We Buy,” in the Federal Reserve Bank of Boston’s Regional Review at https://www.bos.frb.org/economic/nerr/rr1997/winter/katz97_1.htm and briefly discuss/summarize the evidence that Katz cites about how the rising value of time has affected consumer spending patterns.6. Suppose that marginal utility of Good X = 100, the price of X is $10 per unit, and the price of Y is $5. Assuming that the consumer is in equilibrium and is consuming both X and Y, what must the marginal utility of Y be? (Hint: Please apply the formula: MUx/Px = MUy/Py)7. Medicare recipients pay a monthly premium for coverage, must meet an annual deductible, and have a copayment for doctor’s office visits. Few years ago, President George W. Bush introduced some coverage of prescription medications (prior to that, there was none). What impact would an increase in the monthly premium have on their consumer surplus or economic well being? What would be the impact of a reduction in copayments? (Answers may vary)8. What is consumer surplus? What happens to consumer surplus as the price level falls?
What share of the responsibility did Moody’s and its executives bear for the financial crisis, compared with that of home buyers, mortgage lenders, investment bankers, government regulators, policymakers, and investors?
Suppose that the most popular car dealer in your area sells 10 percent of all vehicles. If all other car dealers sell either the same number of vehicles or fewer, what is the largest value that the Herfindahl index could possibly take for car deal..
Assume that the cost of electricity from a natural gas plant is 5 cents per kilowatt-hour and that the cost of concentrating solar power (e.g., production from a plant like Ivanpah) is 13 cents per kilowatt-hour. Based on our discussion of the ex..
According to Keynesian theory:
Explain with the use of diagrams where appropriate how perfect competition leads to allocative productive and dynamic efficiency.
The antitrust divisions of government are limited by the resources allocated to their activities. Given the likelihood of violations of antitrust laws, why do you suppose the resources actually available to these agencies tend to be very modest?
The United States dollar exchange rate can be affected by changes in the current account, capital account and official reserve transactions.
Should the firm shutdown immediately when the total fixed cost equals $1,000,000? Should the firm shut down immediately when the total fixed cost equals $3,000,000?
Summarize the article using at least three economic terms and theories covered in class - Identify the impact of the policy on demand or supply of the good(s) or service(s). Discuss the change(s).
Determine the values of k for which the fixed points in the unit interval for the logistic family kx(1 - x) with k > 0 are attracting, repelling, or neutral.
If there are two types of customer show that the single-crossing condition is satisfied and establish the conditions for a full-information solution.
Define the production possibilities curve in your own words - Could a nation's production possibilities curve ever shift inward? What are TWO factors that may cause this to occur?
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