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Diminishing marginal utility explains a lot about consumer behavior in the economy. Select a specific consumer behavior and construct a "mini case study" that highlights the workings of marginal utility and how it affects the consumption pattern.
Suppose that raw materials (input R) are fixed at 10 units. Determine the number of units of input L that maximizes the total product function.
Solve the partial derivative
Employ the following data for the pure monopoly to compute the firm's: (a) total revenue, marginal revenue, marginal costs, and average total cost
When a firm focuses on increasing profitability by customizing the firm's good or services so that they provide a good match to tastes in different national markets, it is pursuing A Localization strategy.
Explain the concept of externality in economics? Give one example of a positive and a negative externality in Australia and what is Thorpe's marginal cost of GPA? Show and explain how his MC curve is derived.
Calculate the elasticity of demand for good X with respect to advertising on good X. Interpret your answer. Can you tell whether the firm is spending too much or too little on advertising?
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution and price elasticity of demand.
Explain two different markets where has been a market disequilibrium. That is, there is a shortage or a surplus. Briefly explain the supply and demand curve.
The Financial Services Modernization Act a. reinforced the Glass Steagall Act b. prevented mergers of banks c. eliminated barriers between banks, brokerage houses, and insurance companies
Alfred Kahn, currently an economics professor at Cornell University, led the United States drive to deregulate airline industry as chairman of the Civil Aeronautics Board under President Jimmy Carter.
If the Online Tutoring decides to sell its tutoring services individually, what should it charge for math tutoring? What should it charge for science tutoring?
Calculate the expected utility of each project and identify the preferred project according to this criterion. (c) Is this individual risk averse, risk neutral, or risk seeking? Why?
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