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a.) What is the difference between diminishing total returns and diminishing marginal returns to inputs?
b.) Sketch a graph and explain why a consumer would generally prefer a cash subsidy to a food stamp.
c.) Can an Isoquant ever slope upwards? Explain.
d.) What is the difference between the Marshallian demand curve and the Hicksian demand curve?
The American Baker’s Association reports that annual sales of bakery goods last year rose 15 percent, driven by a 50 percent increase in the demand for bran muffins. Most of the increase was attributed to a report that diets rich in bran help prevent..
What does Maleoff consider adolescence and why? What are some of the effects of early maturation for boys and girls? What part of the brain develops first in adolescence? and what does this cause? What are the changes in the cage of sleep patterns in..
What are the short-run equilibrium values of the price level, expected price level, output, and unemployment rate. Illustrate what are the values of cyclical unemployment and unanticipated inflation.
It is relatively clear why price discrimination may be good for firms. But what about consumers? Do you think consumers benefit or are hurt when the firm is able to charge a different price to different customers?
Identify the point on the budget constraint this worker has chosen. Elucidate how much is he working every day.
Imagine that you and a group of your fellow classmates own a company that manufactures cheap sunglasses. To lower production costs, you want to move your factory from your developed country to a more cost-effective nation. At an appropriate level, th..
explain exactly how you would take advantage of this situation to create a riskless profit.
How big should hash table be to ensure a mean hash chain length of less than 1. Assume that hash table size is a power of two.
Assuming the banana growing marker is a perfectly competitive market show a theoretical model explaining the equilibrium position (profit/loss situation) for an individual banana producer before bana crops were destroyed by a cyclone. (you may assume..
What is the equilibrium income level and interest rate. Suppose there is an increase in t from .15 to .20. What will be the change in the equilibrium level of income and interest rate? Suppose there is a decrease in government expenditures (G) from 1..
Canonical Decision Problem Susan Smart, a recent graduate of MIT, has decided to start her own business, Frill Less Internet Provider (FLIP). She is offering small businesses and residential customers Internet access, providing a fast and convenient ..
Why is a piece of machinery(capital) usually considered a fixed input and Labor usually considered a variable input? What determines if you are operating in the short run vs. the longrun?
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