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a. State and explain the law of diminishing marginal utility and do the same for the law of diminishing returns.
b. Identify and explain two similarities and two differences between these two laws.
c. Then, provide three real world example of each law from your own personal or professional life.
A monopoly has demand given through P=20,000-25Q, and costs given through C(Q)=100Q+25Q2. Find the profit maximizing level of price and output.
Illustrate out the term game theory? describe it with the situation in which game theory is applicable, along with any description of the two rival's strategies.
Intermediate microeconomics- Find the production possibilities frontier for the Rancher. Define marginal rate of transformation. What is the marginal rate of transformation of meat for potatoes for the rancher?
Ongoing United States struggles in Iraq and Afghanistan, political unrest in South America, and civil wars in Africa have driven crude oil values up for the last many years.
Discuss and explain the limitations of the United States "supply side" policy in the war on drugs. Can we win the war on drugs? Describe your position on legalization.
Compute the industry prices necessary to induce short-run quantities supplied by the firm of 5,000, 10,000, 15,000 tons of sweet peas. Assume that MC>AVC at every point along the firm's marginal cost curve and that total costs include a normal pro..
Describe how each of following will affect consumption and saving schedules as they relate to GDP or the investment schedule, other things equal,
While sitting in your office one evening, you start to think about some of the key microeconomic messages you wish to communicate to the Board.
The general demand function for a good, Good A, is: Is Good A a normal good or an inferior good? How do we know exactly?
Among the types of expenses faced by a company short-run costs, fixed and variable, as well as long-run costs, how can technology help companies to decrease their costs?
The government dislikes smoking, and likes tax revenue. If they wanted to increase the after-tax price to $10 per pack, what size of excise tax must be placed on sellers? How much revenue will it raise? What will be the Deadweight Loss?
The Wall Street Journal article reported that large hotel chains, such as Marriott, are tending to decrease the number of hotels that they franchise to outside owners and raise number the chain owns and manages itself.
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