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Q. Consider two goods that are perfect complements. For instance, car frames and tires. An individual likes owning cars is better. In order to own a car, an individual must have a 1:4 ratio of frames to tires. Any spare frames or tires that are outside this ratio do not benefit in any way. The personage is comparing bundles that contain both car frames and tires. Thus, we are comparing 2-good bundles. For instance (2.5 frames, 2 tires). Explain how many of the following properties do the individual's preferences necessarily display? Please note that fractional cars can exist (for instance, 1.5 frames and 6 tires are equivalent to 1.5 cars).
• Monotonicity
• Local-nonsatiation
• Transitivity
• Completeness
• Symmetry
e marginal cost of making a copy is $.50 (50 cents). The average customer makes 4 copies at a time. Illustrate what pricing strategy will maximize your profits.
Elucidate the factors that affected labor demand and labor supply in the chosen historical example.
Critically evaluate and explain: in monopolistically competitive industries, economic profits are competed away in the long run; hence, there is no valid reason to criticize the performance and efficiency of such industries.
Suppose the city eliminates its restrictions on books stores, allowing additional stores to enter the marketplace.
Production When you have completed your study of this chapter, you will be able to 1 2 3 4 Explain how economists measure a firms cost of production and profit. Explain relationship between a firm output and labour employed in short run.
an across-the-board tax reduction in income tax rates or a package of tax-relief measures that would give every household a $200 tax rebate and allow them to deduct the interest they pay on credit card purchases?
Explain how does this relate to the idea which diminishing marginal utility must be understood in context. Many people buy too much on their credit cards, even when they know they will be sorry when they get their credit card bill.
q.the government plans to rise state spending by 2bn in the next fiscal year. economists estimate that consumers will
Elucidate how would an increase in airfares affect the number of highway fatalities in any one year
a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company.
Suppose that they are thinking of each specializing completely in the area in which they have a comparative advantage, and then trading at a rate of 2.5 pounds of potatoes for 1 chicken, would they each be better off
Explain how does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil.
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