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Using the concepts of marginal utility and marginal cost, discuss the nature of the inefficiency in each of the following cases:
a. an arrangement that offers relatively little coffee and much tea to people who prefer coffee and does the reverse for tea lovers
b. an arrangement in which skilled mechanics are assigned to ditch digging and unskilled laborers to repairing cars
c. an arrangement that produces a large quantity of trucks and few cars, assuming that both cost about the same amount to produce and to run but that most people in the community prefer cars to trucks
the average price level is $4 per unit also the quantity of money. Illustrate what happens to velocity if the average price level falls to $2 per unit, the money delivery is $2000 also real GDP is 4,000 units.
Illustrate what management-financial considerations would required to be considered. Elucidate why the firm's short run production has only one ‘rational' stage of production.
q.consider a competitive market with 9 consumers each of whom will buy at most one unit of the good and 8 vendors each
with the help of appropriate diagrams explain the following statement whether it is true false or uncertain an increase
application barriers to entry and product homogeneity and their effectsbarriers to entry are forces that inhibit firms
What does Friedman mean when he says the Earth is becomming "hot, flat, and crowded?" Describe three of the key problems that Friedman identifies in the book and explin why they re important.
What is the value of net domestic product (NDP)? What is the value of national income (NI).
American Girl doll has an inverse demand curve of P = 150 – 0.25Q, where Q measures the quantity of dolls per day and P is the price per doll. The marginal cost is given by MC = 10 + 0.50Q. What is the total surplus at the profit-maximizing output le..
The short-run and long-run effects of this change for the levels of per-capita output, and the growth rates of (total) output and per-capita output.
Explain the Krugman Imperfect Competition Model of intra-industry trade in automobiles, and what the model means. Use diagrams to demonstrate the model in autarky and in free trade, and to show the existence of gains from trade.
The success of the apple ipad leads more firms to begin producing tablet computers. In the six months following the japanese earthquake and tsunami in 2011, production of automobiles in japan declined by 20 percent.
Elucidate in writing to what market your derivation brings equilibrium and how it accomplishes this. What are the principal differences between flexible and fixed exchange systems.
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