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Traci consumes two goods, lemonade and pretzels. Lemonade costs $2 per glass, and she consumes it to the point where the marginal utility she receives from her last glass of lemonade is 4. Pretzels cost $3 per bag. The relationship between the marginal utility Traci gets from eating a bag of pretzels and the number of bags she eats per month is as follows: Bags of pretzels 1 2 3 4 5 6 Marginal utility 30 20 12 6 2 0 If Traci is maximizing her utility, how many bags of potato chips does she buy each month? a. 3 b. 4 c. 5 d. 6
The _____ component of an attitude contains the feelings or emotions one has about a given object or situation.
Why are companies using more technology input while reducing labour input. Why are Average Cost Curves U-shaped. Illustrate what is Law of Diminishing Returns.
What is the marginal revenue of a firm that sells a product at the price of $15 and the price elasticity of demand for the product is -2? What is the price elasticity of demand of a firm that sells a product for $20 and marginal revenue is $12?
Suppose that Ian and Mike are cottagers on opposite sides of a small lake. Ian values electricity at his cottage at $500 and Mike at $700, but in order to get electricity for their properties a trunk line costing $1000 must be built. If they are unab..
The demand for widgets is P = 100 -3Q and the supply of widgets is P = 20 + 2Q. Who bears the economic incidence of a $5 per unit tax on widgets? Find the excess burden of the tax.
Italians focus on past; Americans focus on present. Italians therefore should generally be more resistant to change efforts than Americans. Does culture influence how change efforts will be implemented.
Graphically depict using the Average Total Cost curve (among others) why efforts to break up a monopoly into many small firms will not be successful. Explain your intuition as well.
q.the federal government occasionally goes through the process of reauthorizing and modifying the state childrens
Imagine a country with two specific factors land and capital and one mobile factor of production labor. In this economy there are two industries each of which uses one specific factor and both industries use mobile factor labor. How is labor allocati..
How will an increase in the savings rate affect the growth rate of per capita output in an endogenous growth model?
Pick a policy issue which illustrates bootleggers and Baptists story. Who is who. What enables persistence of relationship. You may find this podcast helpful in understanding concepts and providing examples.
q1. illustrate what are the key determinants of spectrum healthcare resources fixed cost and variable cost in
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