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Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always willing to exchange three black shirts for one red shirt.
a. What type of preferences is mike exhibiting?
b. Draw several indifference curves to illustrate Carl's preferences.
c. What is Carl's MRS?
d. Are Carl's preferences monotonic? How do you know?
e. Are Carl's preferences convex, strictly convex, or not convex? Explain/show how you know.
The GDP deflator is better than the CPI at reflecting the goods and services bought by consumers. The CPI is better than the GDP deflator at reflecting the goods and services bought by consumers. The GDP deflator and the CPI are equally good at refle..
International trade has pros and cons. Economists generally support free trade. International trade has played a significant part in promoting economic development and technology transfer among countries.
q.suppose there are two types of men and two types of women goodbad and assume further that same-sex marriage is not
Every Saturday morning he requires his sales staff to send him a report. This report Comprises, among other thing, the number of professors visited during the earlier week.
Suppose that the pre-tax price of gasoline is $1 per gallon. A tax of $0.50 is imposed and is paid by consumers to the government. What must the gross price of gasoline be after the tax so that the consumer tax burden is equal to the producer tax bur..
Do you consider yourself an early adopter when it comes to trying out new products or new fashions, or do you tend to take a wait-and-see attitude? How does your attitude toward new products and new ideas influence your decision making as a consumer?
This is an essay question, but I don't know how to explain. Should I use the supply-demand curve to explain, or use the marginal cost- marginal revenue curve to explain this question.
what might prompt the government to establish this price ceiling? next suppose that the government establishes a price floor of $4.60 for wheat. what will be the main effects of this price floor?
Explain how the circular flow diagram relates to the current economic situation.
With the following condition: UxxUx^2-2UxyYxUy+uyyUy^2
Explain how and why trade barriers have come down in recent decades. List the reasons why our trade deficit has grown so quickly since the mid-1990s. What can we do to help bring it down? Explain how international trade (exports and imports) affects ..
Comment on the following quotation: "One way that a minimum wage could result in expanded employment is if the government sets the minimum below the market equilibrium wage."
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