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Q. Elucidate why is marginal analysis important in economics? How do the tutorials Basics of Marginal Analysis also Understanding also Applying Marginal Analysis at the end of this week's lecture reinforce the concepts of marginal analysis? How can any firm find the right construction level elucidate which guarantees maximum profit (or minimum loss)?
Q. Some economists argue that it is possible to raise the standard of living by reducing population growth. As an economist interested in incentives rather than coercion, illustrate what kind of policy would you recommend to slow population growth?
Explain how will this combined tax-transfer policy affect aggregate demand at current prices.
Assume that your household gets a machine that cost Lesley provides you with food. Illustrate what would that do to your labor supply.
If the number of labor hours increases by 10% and the number of hours of capital used decreases by 10%, what is the percentage change in output.
For each level of output except zero output, calculate the average variable cost, average total cost and average fixed cost.
The market demand also supply functions for a raw chocolate are estimated.
At what level of output are total profit maximized. Illustrate what price will be charged.
When a society under allocates resources to the construction of a good or service, it indicates
Why would an ounce of gold be priced higher than an ounce of coffee beans though coffee is generally considered more essential than gold
Compare and contrast inflation and deflation. What are some of the damaging effects that each has on an economy.
Why is efficiency lost at the boundaries as when substantially more of one good and very little of another is produced.
The type of manuscript for this book was typed for free by a friend. Had I hired a secretary to do the same job.
He projects that his costs also revenue will be similar this year if he continues farming. Illustrate what is Bowen's accounting profit from farming an additional year.
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