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1. Describe each of the four properties of indifference curves.
2. describe and explain the budge constraint. How does a consumer maximize utility under a given budget constratin? How do consumers know if they are not maximizing utility?
3. Explain what is meant by "asymmetric info" Identify and explain the two basic types of problems that arise when their is assymetric info.
4. Explain the condorcet Paradox, the failure of majority rule to produce transitive preferences for society. Explain arrows impossibility theorem. What does this say about societies choice?
5. When prices change, the income effect and substituion effect both contribute to the impact on quantities consumed. Explain how both effect a consumers utility maxization.
Compute the formula for Bob's indierence curves by setting and compute Bob's MRS as a function of C and P
New Light Corporation has just created a solar panel capable of generating 200 percent more electricity than any solar panel currently on the market. As a result, New Light is expected to experience a 15% yearly growth rate for the next 5 years.
Please help describe profit maximizing decision of pure monopolist firm and compare it to the profit maximizing decision of the firm in a purely competitive market and a monopolist firm in the competitive market.
What is the approximate Herfindahl index? What is the four-firm concentration ratio?
A big city just doubled the yearly fee for hot dog push carts that had exclusive rights to a spot just south of big museum of art to $288,000
Why do people hold their wealth in the form of money rather than another asset that will provide a rate of return higher that the rate on return
From the standpoint of a soft drink company, the question What goods and services should be produced is best represented by which of the following decisions:
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..
What did you end up doing? Explain using a two time period budget equation and congress must be happy with your findings. You are sitting at your desk starring at your very first bonus.
What is the most you would pay to call her and ask for the result? Be sure to show the decision tree that fuels your reasoning.
To take advantage of high prices for snow shovels during a very snowy winter, Alexander Shovels, Inc., decides to increase output and the success of Red Bull leads more firms to begin producing energy drinks.
Discuss differing views of the same landscape in the context of globalization of culture and Internet accessibility. 200 words or more
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