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Q1. Bob consumes two commodities: x and y (say, chocolate and classical music). More y never hurts, but in order to enjoy y he has to consume at least 4 units of it; put differently, he starts to enjoy y after the fourth unit. (In order to appreciate y he must first develop a taste for it.) Regardless of the amount of y he consumes, Bob thinks that more x is always strictly better than less. Moreover, he (strictly) prefers the bundle (x,y) over (x', y'); where both y and y' are at least 4, if and only if x *y > x'* y'.
Q2. Bob has an income of $100. The price of x is $1, and the price of y is py. For what values of py will Bob buy y, and for what values of py will Bob buy only x?
Explain what occurs when a new technology makes another one obsolete in terms of economic profit.
Under oligopoly if one firm in an industry significantly increases advertising expenditures in order to capture a greater market share, it is most likely that other firms in that industry.
Clarke's workers are highly skilled artisans with a great deal of job mobility. What impact would the wage increase have upon the firm's employment.
Similarities in the definitions of management quoted from authors of management textbooks
The manager of a large automobile dealership who wants to learn more about the effectiveness of various discounts offered to customers over the past 14 months
the set of efficient trades these individuals would rationally make. One of the points on the set of efficient trades you illustrated in your diagram will be a competitive equilibrium.
Estimated regression equation for which quantifies the demand for Widget
Analyze the impact of this floor on price, quantity demanded and supplied. Would this price floor create a surplus or deficit of this product in the market?
Can you find a Nash equilibrium in pure strategies that is not efficient. In some legislatures, proposals for modifications of the law are formulated by committees.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
What are the annual accounting costs for the firm described above? What are the annual explicit costs for the firm described above?
Find the equilibrium price and quantity after the shift of the demand curve.
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