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Suppose that you observe that total utility rises as more of an item is consumed. What can you say for certain about marginal utility? Can you say for sure that it is rising or falling or that it is positive or negative? When does the law of diminishing marginal utility set in and what does this illustrate about where you should stop consuming if you were eating at an all you can eat buffet?
how do these factors affect the elasticity of demand and what would happen if there was a change in these factors
You've recently learned that the company where you work is being sold for $380,000. The company's income statement indicates current profits of $15,000, which have yet to be paid out as dividends.
During the debate over NAFTA, opponents argue that given the relative size of the two economies, the income gains resulting from the agreement would be smaller for the United States than for Mexico.
Craft Unions Both industrial and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
Using ideas of consumer and producer surplus analyse this claim. Is there a case for price controls on housing?
In 1987, Lowell Wilson, the plant superintendent, hired Youngstown Security Patrol, Inc. (YSP), a security company, to guard Greif property and "deter thieves and vandals." Some YSP security guards, as Wilson knew, carried firearms.
Determine the maximum number of lbs. of butter the economy can produce and
What is the own price elasticity of demand when Px = $240? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price above $240?
The Haas Corporation's executive vice president circulates the memo to the firm's top management in which he argues for reduction in price of firms product. He says such a price cut will raise the firms sales and profits.
Discuss industry concentration, demand and market conditions, and the pricing behavior of Kodak in the 1990s. Do you think the industry environment is significantly different today? Explain.
Research in developing countries indicate that the incidence of child labor actually rose in some countries as incomes (and wages) of poor families increased. This is difficult to understand since many people assume that as incomes rose, the inci..
Apply the concept of price elasticity to a purchasing decision you made within the past year. Give an example on how the elasticity of demand helped you determine whether a product or service was a luxury to have or a necessity.
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