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Suppose that marginal utility of good A is 4 times the marginal utiltiy of good b, but the proce of good Ais only 2 times the proce of ggod b. Is this point consumer equilibrium? if not what will occur?
Distinguish between explicit and implicit costs, giving examples of each. Differentiate between accounting profit, normal profit and economic profit.
Describe how the Law of Diminishing Marginal Product results in u-shaped average cost curves, both Average Total Cost and Average Variable Costs
The box industry was perfectly competitive. The lowest point on long run average cost curve of each of identical box producers was dollar four, and this minimum point occurred at an output of 1,000 boxes every month.
Using an aggregate supply diagram and aggregate demand or model of the economy, graphically explain and discuss the short-run and long-run effects.
The demand for personal computers can be characterized by following point elasticity = -5, cross-price elasticity with software = -4, and income elasticity = 2.5. Indicate whether each of following statements is true or false, and describe your an..
Describe the likely effects on the total welfare (surplus) of society of the status quo, i.e., do nothing and let the market decide.
Will firms in industries, in which high levels of output are necessary for minimum efficient scale, tend to have substantial degrees of operating leverage? Please explain.
Write down the household's budget constraints for period 1 and 2 and identify the current account.
If your child is born today, how much will you need to put away per year, at end of each year through your child's 18th birthday, so that no additional payments need to be made after year 18
As an worker of World Bank, you have been tasked to research one economic concern in an Asian nation and write a report on your findings.
Employ the information in the above table to compute th average product (AP) and marginal product (MP). At the production level of 200,000 chips, is the company's average variable cost decreasing, at a minimum or increasing?
Examine the steps of agenda setting, policy formulation, and policy implementation for a public policy on energy and evaluate factors that may influence agenda setting, policy formulation, and policy implementation energy policy.
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