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Suppose there are two potential objectives, but this particular decision maker cares only about one of those objectives and not at all about the other. Draw a diagram with the amounts of each objective on the axes, and then show what his indifference curves look like.
What impact would you expect this increase in the gap in living standards between the richest and poorest to have on income elasticity today? Briefly discuss.
Define the five types of possible “net” or “overall” effects of the country’s growth on the importance of the trade sector and indicate which types would, other things equal, lead to a deterioration of the growing country’s terms of trade (assuming t..
The classic example of opportunity cost is the costs of going to college. Illustrate the implicit opportunity cost of foregone income as well as tuition, books, etc. Think about whether room and board should be considered a cost of college. Calculate..
Leadership is important in shaping the culture of an organisation. With regard to this, compare and contrast leadership styles.
What is the impact on the demand curve facing an individual firm in the short run - What happens to output produced by an individual firm in the short run?
q. suppose in the short run a perfectly competitive firm has variable cost 3q2 and mc 6q where q is the quantity of
Suppose you explain the concept of an inflation tax to a friend. You correctly tell them, "When a government prints money to cover its expenditures instead of taxing and borrowing, it causes inflation. An inflation tax is simply the erosion of the va..
In the Jehle and Reny textbook (which I should add I have not read much of beyond a few sections of interest), a theorem stating that there is always a (mixed) Nash equilibrium in finite strategic form games is proven. Similarly, I would also suspect..
Suppose that the government raises the minimum wage to $10.10. Thinking of the four Marshall's Rules of Derived Demand as they apply to a particular industry, analyze the conditions under which job loss among teenage workers in that industry would be..
Output Variable Cost 0 $ 0 1 $ 5 2 $ 9 3 $12 4 $16 5 $22 6 $30 7 $40 8 $52 9 $67 10 $90 Given the above variable cost data and assuming fixed costs equal the value of the last two digits of your MDC student ID, create a file using Excel that lists Ou..
The existing equipment will be sold for $6,000. Illustrate what is the first cost that should be used.
20 years ago John invested $10,000 in a mutual fund. The value of his investment declined by 19% during the first year and then declined another 30% during the second year. 18 more years have passed, and john's cumulative return on the 20 year period..
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