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A marketing firm is interested in eliciting Silvia’s tastes on a set of ten automobiles. In order to do this they ask Silvia, for each pair of alternatives (x,y), whether she finds x at least as good as y. Silvia is interested in both the reliability of the car and its safety record. She answers that an alternative x is at least as good as y if and only if x is at least as reliable as y and x has at least the safety ranking as y. Then,
a) Silvia’s answers necessarily satisfy completeness.
b) Silvia’s answers will always violate completeness.
c) Silvia’s answers may violate transitivity.
d) Silvia’s answers will have a cycle.
e) Silvia’s answers may violate completeness.
Use the information in the table to calculate total revenue, marginal revenue, and marginal cost. Indicate the profit-maximizing level of output. If the price was $3 and fixed costs were $5, what would variable costs be? At what level of output wo..
You have just been appointed the new Economic Advisor to the U.S. Government and have been asked to develop an economic series of projections for the U.S. domestic economy for the next year. Outline your new forecast based on current developments.
Consider the following scenario: Phoenix Homeless Agency (PHA) needs funds to continue providing job counseling to qualifying recipients.
A consumer is deciding how many cups of coffee and how many bus tickets to purchase. The price of a bus ticket is $1.50 and the price of a cup of coffee is $2. The following table describes the total utility derived from the two goods. Calculate the ..
Shortly discuss how the development of the Internet has changed the market structure in which companies operate. Assume that most firms can be categorized as being in perfect competition, monopolistic competition, oligopoly, or monopoly. Keep in mind..
Explain how “Black Markets” impact economic actives: Please explain in detail and use a supply and demand graph for your examples
Draw the complete intertemporal consumption-savings model, and label completely and correctly. You may choose whether your consumer is a borrower or a lender, but state your choice.
The difficulties in managing government in a market economy include the following, except:
What will happen to the equilibrium price and quantity of hairy crabs if: Use a diagram to show the tax burden on buyers and sellers and briefly explain your answer. (ii) use a separate diagram to indicate the changes in consumer surplus and producer..
“Once we recognize that product differentiation is the basis for much international trade, there are likely to be more winners and fewer losers in a country when the country shifts from no trade to free trade.” There may be several reasons why this s..
Globalization became (again) a hot topic in current Presidential campaign. Should we continue to open our door to international trade and division of labor at global level, or block those imported products because they are presumed to take our jobs t..
A Presidential candidate announces that he will propose that participation in the Social Security program become voluntary. That is, you can decide if you want to pay into the system when you work. If you decide not to pay in, you receive no benefits..
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